Danaher Corp. launched a tender offer Monday to buy all the outstanding shares of Joslyn Corp. for $32 apiece even though the stock has traded at a higher level since Danaher proposed buying the Chicago-based company at that price on July 7.
Joslyn closed at $36.50 a share Monday, up $1.50, on the Nasdaq stock market. At least one sale took place during the day at $37.50.
“It’s definitely unusual,” analyst David L. Leibowitz, of Burnham Securities Inc., said of Danaher’s decision to go ahead with a tender offer at a price Joslyn rejected two weeks ago.
“Realistically, the stock’s price action would indicate that investors believe a higher offer will be made either by Danaher or a third party-and sooner rather than later,” he added.
Danaher officials couldn’t be reached to explain why the Washington, D.C., firm would make an offer for Joslyn stock well below the market price.
William E. Bendix, chairman of Joslyn, declined to comment but said the company would reply to Danaher within 10 days as required by the Securities and Exchange Commission.
Danaher, which already owns 8.6 percent of Joslyn’s common stock, also said it will seek a court order to strike down the provisions of a “poison pill” and other anti-takeover devices that Joslyn adopted more than a year ago.
