EXHIBIT 1
FOR IMMEDIATE RELEASE CONTACT:
Tuesday, July 11, 2000 Edward G. Novotny & Associates, Inc.
(212) 490-2065/2977
INTERNATIONAL SPECIALTY PRODUCTS
--------------------------------
TERMINATES DEXTER TENDER OFFER; NO LONGER INTENDS TO SUBMIT
-----------------------------------------------------------
PROPOSALS AT DEXTER'S JULY 14TH ANNUAL MEETING
----------------------------------------------
WAYNE, NJ -- International Specialty Products Inc. (NYSE:
"ISP") announced today that it is terminating its tender offer for all
outstanding shares of Dexter Corporation (NYSE: "DEX") for $45 per share in cash
in light of Dexter's agreement with Invitrogen Corp. (NASDAQ: "IVGN"), in which
Invitrogen would acquire Dexter and all of the outstanding shares of its 75%
owned subsidiary Life Technologies for $1.9 billion in Invitrogen stock and
cash. In addition, ISP no longer intends to submit its proposals to elect its
nominees for directorships and adopt certain resolutions at Dexter's July 14th
Annual Meeting.
Commenting on Dexter's announcement, ISP Chairman Samuel J. Heyman
said:
"In light of Dexter's announcement of a transaction which
should provide Dexter shareholders with value in excess of
$45 per share, we have agreed to step aside as previously
promised. Should the stated value of the offer be
ultimately realized, this will, of course, be a great
victory for Dexter shareholders. Pending further review of
the transaction and market developments, we will continue
to monitor the situation and take whatever action we deem
appropriate in the interests of shareholders."
* * * * *
International Specialty Products Inc. is a leading
multinational manufacturer of specialty chemicals and mineral products.
- MORE-
12
<PAGE>
This press release may contain "forward looking statements"
within the meaning of the federal securities laws with respect to the Company's
financial results and future operations and, as such, concerns matters that are
not historical facts. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed in
such statements. Important factors that could cause such differences are
discussed in the Company's Annual Report on Form 10-K, that is filed with the
U.S. Securities and Exchange Commission and are incorporated herein by
reference.
13
