SLGC - SomaLogic Urges Stockholders to Maximize Value of Their Investment by Voting FOR Pending Merger with Standard BioTools | Benzinga
Leading Independent Proxy Advisory Firms ISS and Glass Lewis Both Recommend SomaLogic Stockholders Vote "FOR" Proposed Merger with Standard BioTools
BOULDER, Colo., Jan. 2, 2024 /PRNewswire/ -- SomaLogic, Inc. (NASDAQ:SLGC) ("the Company"), a leader in proteomics technology, today sent the following open letter to stockholders urging them to vote "FOR" the value maximizing transaction with Standard BioTools.
The full text of the letter is as follows:
Dear Fellow Stockholders,
Our upcoming special meeting of SomaLogic stockholders to vote on the merger with Standard BioTools is fast approaching. The SomaLogic Board believes that voting "FOR" the transaction represents the best opportunity available to maximize the value of your investment in SomaLogic. The transaction is the result of a months-long, thoughtful, fully informed review by our independent Board. Throughout that process, the Board was motivated to address the fundamental question of what is in the best interests of SomaLogic and all its stockholders.
SomaLogic Board Determined Combination with Standard BioTools was Superior Alternative to SomaLogic's Standalone Plan and Best Path Forward
The choice is clear. We are confident the merger with Standard BioTools is the right path forward – this has been confirmed by both leading independent proxy advisory firms, Institutional Shareholder Services ("ISS") and Glass Lewis, recommending SomaLogic stockholders vote "FOR" the pending transaction.
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Benefits of Combination with Standard BioTools
"The strategic rationale of combining … in order to slow down cash burn and accelerate the path to profitability appears reasonable, particularly given the apparent overlap in the two companies' offerings and the estimated synergies in this transaction." – ISS1 "Generate[s] meaningful synergies and operating efficiencies… accelerat[ing] the timeline to profitability…" – Glass Lewis1
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SomaLogic Board Conducted Thorough, Independent and Deliberative Board Process
"Board members … seemed appropriately qualified and thoughtful about all available alternatives." – ISS1 "Fairly thorough strategic review process…" – Glass Lewis1
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"The proposed transaction would reduce execution risks for SomaLogic shareholders and the all-stock nature of the proposed consideration would provide SomaLogic shareholders with a majority ownership stake in the combined company, allowing them to participate in the potential upside of the combined company." – Glass Lewis1
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Madryn is Pursuing a Campaign that is Advancing its Own Agenda at the Expense of Other Stockholders; Stockholders Should Not Let Madryn's Misleading Claims Influence Their Votes
The future of SomaLogic and the future of your investment is at stake. Madryn Asset Management ("Madryn") has issued misleading public commentary regarding the merger. This opposition is neither rooted in a desire to pursue the best path forward for the business nor to maximize value for all stockholders – rather, they are waging a campaign to prioritize their own interests at the expense of other SomaLogic stockholders. The Board carefully evaluated all of its alternatives – this has been confirmed by the two leading proxy advisory firms ISS and Glass Lewis – and remains firm in its belief that this transaction represents the best opportunity to accelerate the combined company's path to profitability ...