MADISON – Shareholder battle brewing at Promega Corp.

Promega Corp., one of the Madison area’s most successful, homegrown and fiercely independent biotechnology companies, is in the midst of a hostile takeover attempt by two shareholders who want to buy a majority of shares and boot Promega’s founder and CEO Bill Linton.

Ted Kellner, of Milwaukee, and Nathan Brand, of Miami, sent a letter to shareholders, dated July 24, offering to buy outstanding shares of Promega Corp. for $625 a share, about two and a half times what the company was valued at recently by Linton and the board of directors.

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