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DAMON BOARD DETERMINES CORNING PROPOSAL SUPERIOR TO NHL MERGER TERMS

 NEW YORK, June 30 /PRNewswire/ -- Damon Corporation (NYSE: DCL) announced today that its board of directors had determined that the terms of the proposal of Corning Incorporated (NYSE: GLW) to acquire all of the outstanding shares of Damon's common stock for $23 per share in cash is a superior proposal to the previously announced merger agreement between National Health Laboratories Incorporated and Damon. The agreement with National Health Laboratories provides for National Health to acquire 8,900,000 shares of Damon common stock for $16 per share in cash, with each remaining outstanding share of common stock to be converted into the right to receive shares of National Health common stock based on a formula price.
 Damon is today notifying National Health of its board's determination. Pursuant to the terms of the NHL merger agreement, National Health has two full business days to respond to Corning's superior proposal. Following expiration of the two business day waiting period, Damon may terminate the National Health merger agreement and enter into a merger agreement with Corning.
 Execution of a merger agreement with Corning will require the concurrent payment by Damon of a $6,000,000 expense fee to National Health.
 -0- 6/30/93
 /CONTACT: Fredric Spar of Kekst And Company, 212-593-2655, for Damon Corporation/
 (DCL GLW)


CO: Damon Corporation, Corning Incorporated, National Health
 Laboratories Incorporated ST: New York IN: MTC SU:


LD -- NY092 -- 7426 06/30/93 18:31 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 30, 1993
Words:238
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