2023-06-16 13:02:23 ET
Abcam plc ( NASDAQ: ABCM ) soared 14% after disclosing earlier Friday that it received strategic interest from multiple parties in recent weeks. The British biotech firm was also upgraded to buy at Bank of America.
The company's board said it will work with its advisors to consider the inquiries, Abcam ( ABCM ) said in a filing earlier on Friday.
The disclosure of the takeover interest comes as the company has been involved in a proxy battle with Jonathan Milner, founder of Abcam ( ABCM ) and a former director of the company with a 6.3% stake in the biotech firm. Milner last month said he plans to call for an extraordinary general meeting to tr y to win election to the board as executive chairman.
The UK's Sunday Times reported on Sunday that activist investor Starboard Value had taken a stake in Abcam ( ABCM ).
"As a likely consequence of the recent publicity around the upcoming EGM, the Company has received strategic inquiries from multiple parties over recent weeks," Abcam said in the filing on Friday. "The Board of Directors is aware of its fiduciary duties with respect to strategic inquiries and will work with its advisors to consider such inquiries as appropriate."
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Abcam jumps after disclosing takeover interest from multiple parties