Abcam says Milner’s opposition to Danaher deal ‘surprising’

Abcam (ABCM) notes today’s announcement by Dr. Jonathan Milner. “The company considers it surprising that Dr. Milner has taken active steps to oppose the deal without reviewing the full details in the Scheme Circular to be published in connection with the proposed acquisition of all of the outstanding shares of Abcam by Danaher Corporation (DHR) for $24.00 per share in cash (the “Transaction”), which appears to be an attempt to create confusion for shareholders ahead of voting on the Transaction,” the company said. “The Scheme Circular will be published in the coming weeks, in line with the Company’s disclosure obligations and following the appropriate process with the High Court of Justice in England and Wales. The information provided within the Scheme Circular will ensure all shareholders are provided with the complete details related to the Transaction including reasons and background to the Board recommendation, Lazard and Morgan Stanley’s advice to the Board, and the process followed. The Company looks forward to engaging with all shareholders following publication of the Scheme Circular. The acquisition of Abcam by Danaher was unanimously approved and recommended by the Board of Directors of Abcam following a thorough, competitive and comprehensive sales process, which engaged over 30 counterparties, including more than 20 potential strategic acquirers, leading to multiple bidders. All bidders were given access to the same financial information, consistent with the information the Company has made public. After receiving offers from multiple bidders, Danaher’s all cash offer of $24.00 was the highest and best price. The Company believes the recommended all cash offer provides value maximization and certainty of outcome for all shareholders, as well as a positive outcome for employees and customers. Abcam is expected to operate as a standalone operating company and brand within Danaher’s Life Sciences segment following transaction closing, adding to Danaher’s presence in the UK where it currently employs almost 5,500 people. Danaher is committed to keeping Abcam’s headquarters in the UK.”