2023-08-31 10:53:12 ET
Abcam ( NASDAQ: ABCM ) founder and large shareholder Jonathan Milner is still evaluating Danaher's $24-a-share planned takeover of the company announced on Monday.
Milner is said to have set certain expectations for the company's value, and if they aren't met, he is likely to push for the company to pursue growth on a standalone basis, according to a CTFN report on Wednesday, which cited a person familiar with the matter.
CTFN reported last week that Milner, who has a 6% stake in Abcam ( OTCPK:ABMC ), may be poised to restart his proxy campaign in the fall if the company doesn't deliver enough value to holders.
Milner suspended his proxy solicitation effort in June after the biotech company said it would evaluate its alternatives. Famed activist investor Starboard Value also said in June that it supported the company's sales effort.
The CTFN story today follows a report on Monday that Milner is expected to reach out to holders next week to discuss the $5.7 billion Danaher ( NYSE: DHR ) deal.
Abcam's shares fell 4.3% on Monday in the wake of the deal announcement, which disappointed some holders. The deal price may have been impacted by antitrust concerns as Abcam ( ABCM ) is said to have picked Danaher ( DHR ) over rival interest from Agilent Technologies ( A ) and Thermo Fisher ( TMO ) as Danaher was seen as more likely to win over regulators , according to a CNBC report on Monday.
More on Abcam ADS
- Abcam: Further Upside Limited With Potential Acquisition In The Making, Reiterate Hold
- Abcam: Nosebleed Valuations, Flat Growth Profile Justify Hold Rating
- Abcam cut to market perform at Leerink, sees no antitrust risk
- Abcam holder Milner expects to speak to holders next week on Danaher deal - report
- Abcam deal price may have been hurt by antitrust concerns - report (update)
- Danaher agrees to buy Abcam for $24 a share in cash
- Seeking Alpha’s Quant Rating on Abcam ADS
- Earnings data for Abcam ADS
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Abcam founder, holder Jonathan Milner still evaluating Danaher deal - report