2023-06-23 08:57:30 ET
Life sciences firm Abcam ( NASDAQ: ABCM ) rose 11% in premarket trading after saying it would review strategic alternatives after receiving takeover interest.
The board, "after having listened to and extensively engaged with shareholders," will immediately begin evaluating its alternatives, including a sale, according to a statement on Friday.
The announcement comes after Abcam ( ABCM ) said a week ago that it had received strategic interest from multiple parties in recent weeks, sending its shares soaring 17% last 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 an extraordinary general meeting to tr y to win election to the board as executive chairman.
The Abcam ( ABCM ) board retained Lazard and Morgan Stanley as financial advisors in the strategic review process. Latham & Watkins was appointed as a legal advisor in connection with the review process.
On Tuesday, RBC downgraded Abcam ( ABCM ) to sector perform, advising investors to take profits from the recent spike in valuation amid takeover speculation.
More on Abcam
- BofA ups Abcam to buy, citing investor activism, improved performance
- Abcam: Nosebleed Valuations, Flat Growth Profile Justify Hold Rating
- Activist Starboard Value accumulates stake in British biotech Abcam - report
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Abcam jumps as it will consider sale after takeover inquiries