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Abcam (NASDAQ:ABCM) founder and shareholder Jonathan Milner is expected to reach out to holders next week to discuss Danaher’s planned $24 per share acquisition.
Milner, who earlier this year dropped a proxy contest after the company said it would explore a sale of itself, is expected to start to discuss his views on the $5.7 billion Danaher (NYSE:DHR) deal with other holders next week, according to a Dealreporter item on Monday, with which people are familiar. Milner, who has a 6% stake in Abcam (ABCM), hasn’t stated whether he will support the transaction.
The report comes as Abcam’s shares fell 4.3% on Monday in the wake of the deal announcement, which appeared to disappoint 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.
The Danaher (DHR) purchase itself could present antitrust issues with bundling as well as overlap with Danaher’s Beckman Coulter and Leica Microsystems units, according to Dealreporter, which cited an attorney familiar with the matter.
The deal for UK-based Abcam (ABCM) is expected to close in mid-2024, according to a statement on Monday. The deal needs approval from the U.S. Federal Trade Commission, China’s antitrust regulator, as well as German and Austrian antitrust regulators, according to a 6-K filing on Monday.
Abcam (ABCM) said in June that it would review strategic alternatives after receiving takeover interest. The disclosure of the takeover interest came as the company had been involved in a proxy battle with Milnerm, a founder and former director of the company with a 6% stake in the biotech firm.
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.
