2023-06-23 15:58:25 ET
Activist investor Starboard Value said it supports Abcam's ( NASDAQ: ABCM ) announcement that it plans to conduct a strategic review, including a potential sale.
"We’re pleased that both Abcam and Jonathan Milner have committed to exploring strategic alternatives," a representative for Starboard said in a statement on Friday. "While we believe there is a substantial margin improvement opportunity at Abcam, we believe the best risk-adjusted outcome is a sale that maximizes value for all shareholders."
Starboard Value, led by Jeff Smith, took a stake of about 2% in Abcam ( ABCM ), according to a Sunday Times report earlier this month.
Abcam ( ABCM ) shares jumped 12% on Friday as the company said it's formally reviewing its strategic option after receiving takeover interest.
The announcement came 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 news 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.
Starboard Value, known as one of the biggest activist investors in the U.S., has taken stakes in Salesforce ( CRM ), Splunk ( SPLK ) and Wix.com ( WIX) in the past year.
More on Abcam
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- Abcam: Nosebleed Valuations, Flat Growth Profile Justify Hold Rating
- Activist Starboard Value accumulates stake in British biotech Abcam - report
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Activist investor Starboard says it supports Abcam strategic review