Promega board turns down hostile takeover attempt

The new board of directors at Promega Corp. is rejecting a hostile takeover attempt by two shareholders seeking to purchase the company and give its founder and CEO Bill Linton the boot, according to a report in the Wisconsin State Journal.

In July, Promega shareholders Ted Kellner and Nathan Brand made an offer to buy the privately owned Fitchburg company’s stock for $625 a share, which is more than double what Promega offered in a 2014 stock buy-back.

But the State Journal reports board members, most of whom were appointed just last month, decided to reject the proposal after careful consideration.

Kellner and Brand expressed their disappointment to the State Journal, and plan to revisit the issue directly with shareholders at a Nov. 6 meeting called by Promega to “report on specific information relating to the company’s business and affairs.”