Fight for control of Promega continues
Shareholders of Madison biotech Promega met late last week for two meetings in an effort to settle the conflict raging within the company, the Wisconsin State Journal reports.
According to the State Journal, “at least 80 shareholders convened at Wyndham Garden Hotel in Fitchburg and 50 more listened by phone as dissident stockholders Ted Kellner, of Milwaukee, and Nathan Brand, of Miami, laid out their concerns to fellow investors.”
Kellner and Brand previously offered to purchase Promega for $625 a share, but Promega founder, chairman, and CEO Bill Linton pushed back against the takeover and reportedly encouraged several significant shareholders to sell their shares to him so he would gain control of a majority of the company’s shares.
Promega’s board, which boasts an entirely new slate of directors, turned down Kellner and Brand’s proposal last month.
Kellner and Brand said they have been trying to get answers from Promega for months, but have been stonewalled at every turn, the State Journal reports.
In a separate meeting, Promega reportedly provided information to shareholders but did not take questions.
Kellner and Brand vowed not to give up their fight on behalf of disgruntled shareholders like themselves.