Joslyn Corp., which began business in 1902 installing wooden poles and crossbars for electric and telephone wires, rejected an acquisition offer Thursday from an East Coast firm.
“We believe we have an excellent future,” William E. Bendix, chairman, said after directors of Chicago-based Joslyn turned down a $227 million, $32-a-share proposal that Danaher Corp. made July 7.
Officials of Danaher couldn’t be reached for comment. Danaher, based in Washington, manufactures tools for Sears, Roebuck and Co., environmental controls and transportation products. Joslyn makes switches and controls for the utility, telecommunications and aerospace industries.
Joslyn stock closed Thursday at $34 on the Nasdaq stock market, unchanged. It has sold consistently above Danaher’s offering price, which came a day after Joslyn shares cost $21.
Danaher suggested at the time that it might be willing to raise the offer if it were permitted to conduct “a brief, highly focused due-diligence investigation” of Joslyn’s operations.
Bendix said the directors turned down the due-diligence request, and he added that “no other offers (from other firms) were considered by the board” at a meeting held Wednesday.
Joslyn seemed to keep the door open to other offers, however. In its letter to Danaher, it said the directors considered an analysis prepared by Goldman, Sachs & Co. “as well as other alternatives available to Joslyn.”
