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CORNING COMMENCES CASH TENDER OFFER FOR DAMON AT $23 PER SHARE

 CORNING, N.Y., July 7 /PRNewswire/ -- Corning Incorporated (NYSE: GLW) said today it has commenced its previously announced cash tender offer for all outstanding common shares of Damon Corporation (NYSE: DCL) at $23 a share.
 Corning's offer is not conditioned on financing. The tender offer is conditioned on, among other things, a minimum of 8,900,000 Damon's shares, or approximately 51 percent of the shares outstanding on a fully diluted basis, being validly tendered and not withdrawn. It is also conditioned on expiration of the regulatory anti-trust waiting period.
 The withdrawal and expiration date for the tender offer is midnight, New York City time, on Aug. 3, 1993.
 Any Damon shares not acquired in the tender offer will be exchanged at the offer price in a cash merger to be consummated as soon as practicable following completion of the tender offer.
 Lazard Freres & Co. is the dealer manager for the tender offer. The information agent is Morrow & Co.
 -0- 7/7/93
 /CONTACT: Stephen L. Albertalli of Corning Incorporated, 607-974-8357/
 (GLW DCL)


CO: Corning Incorporated; Damon Corporation ST: New York, Massachusetts IN: SU: TNM

MP -- NY013 -- 8954 07/07/93 09:19 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
Words:194
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