Damon Corp. announced that it has rejected...

Damon Corp. announced that it has rejected a $24-a-share tender offer by a group led by American Magnetics Corp. of Sherman Oaks, calling the takeover bid “way too low.” The Needham, Mass., company’s directors concluded that the offer was inadequate and letters were to be mailed urging stockholders not to tender any shares. Nomad Acquisition Corp., which was created as the takeover entity with American Magnetics and Ballantrae Partners LP of New York as partners, said it would continue its plans. The offer had valued Damon Corp., which makes laboratory equipment and hobby goods, at $225.6 million.