Promega, CEO Linton Return Fire in Legal Battle with Shareholders
Summary
The initial allegations and subsequent recriminations stem in part from disagreements between Promega and some of its largest stockholders over the company’s worth, which is used to determine the value of individual holdings.The proposal, which Promega would later reject, involved using $600 million worth of debt to help finance the transaction, firing Linton, installing Shain as CEO, and selling the company within five years, court records show.Brand also floated the idea of having the school take away Mello’s parking spot or season tickets to Wisconsin Badgers home football and basketball games, according to court documents filed by Promega lawyers.Without revealing the valuation Jones came up with, they write in the counterclaims that her appraisal was “fundamentally flawed.” While the two sides disagree over how much Promega is worth today, it appears that its stock has been rising in recent years.James Southwick, who leads the legal team representing Brand, Kellner, and other plaintiffs in the original lawsuit, declined to comment on the counterclaims attorneys for Promega filed last month.
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