2023-06-11 09:00:15 ET
Activist investor Starboard Value has taken a stake in UK-based biotech firm Abcam plc ( NASDAQ: ABCM ).
Starboard Value, led by Jeff Smith, took a stake of about 2% in Abcam ( ABCM ), according to a Sunday Times report .
The disclosure comes as Jonathan Milner, founder of Abcam ( ABCM ) and a former director of the company with a 6.3% stake in the biotech firm, last month said he plans to call for an extraordinary general meeting to tr y to win election to the board as executive chairman.
Milner is also calling for three of Abcam's board members to be ousted in a letter to investors expected to be published on Sunday, according to the Times report on Saturday.
An Abcam ( ABCM ) spokesman reiterated to the Sunday Times that the company offered a board seat to Milner.
"We have worked tirelessly and constructively with Dr. Milner, including offering him a seat on the board,'" the Abcam spokesman told the paper. "He wants to regain control of a company he has not been an executive director of for nine years."
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.
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- Abcam: Growth Has Come At A Cost To Equity Holders
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Activist Starboard Value accumulates stake in British biotech Abcam - report