Madison-based biotechnology company Promega Corp. is in the midst of a messy fight as two shareholders have embarked on a hostile takeover attempt.
According to the Wisconsin State Journal, Ted Kellner, of Milwaukee, and Nathan Brand, of Miami, are looking to purchase a majority of the company’s shares and oust Promega’s founder and CEO Bill Linton.
The two sent solicited other shareholders, in a letter dated July 24, with an offer to buy outstanding shares of Promega Corp. for $625 a share. That’s more than double what the company was valued at recently by Linton and Promega’s board of directors.
The letter directed shareholders to attend the Promega’s annual stockholders meeting, which was held July 28, citing a “deep concern for the direction” of the Fitchburg company, the State Journal reported.
Kellner and Brand were critical of moves Linton has recently made, including implementing changes to the company’s board of directors and repurchasing shares “in an apparent attempt to gain majority control of our company,” the letter said.
Linton was unavailable for comment, but a long-time shareholder and early Promega employee noted dissatisfaction with the direction of the company has been brewing for some time.
