OTHER NEWS - June 24, 1993
From Times Staff and Wire Reports
National Health Bid for Damon Meets Resistance: A deal by La Jolla-based National Health Laboratories to buy the Damon Corp. clinical-testing company may unravel in part because of resistance from a major Damon institutional shareholder, who said National Health’s $16-a-share offer is too low. The state of Wisconsin Investment Board, which holds 9.6% of Damon stock, calculates that the stock is worth at least $20 a share, said John Nelson, the pension fund’s investment director. Doubts that the $257.6-million agreement announced Monday by the two companies will prevail drove Damon’s stock up 75 cents to close at $16.625 in New York Stock Exchange trading Wednesday.
