Abcam to be acquired by Danaher for $24.00 per share

Abcam (ABCM) announced that it has entered into a definitive agreement pursuant to which Danaher (DHR) will acquire all of the outstanding shares of Abcam for $24.00 per share in cash. The transaction has been unanimously approved and recommended by the Abcam board and unanimously approved by the Danaher board. Abcam is expected to operate as a standalone operating company and brand within Danaher’s Life Sciences segment. The transaction brings to a conclusion the review of strategic alternatives initiated by the Abcam board of directors in June, following strategic inquiries from multiple parties. The process, assisted engaged with over 30 potential counterparties, including more than 20 potential strategic acquirers before entering into a definitive agreement with Danaher. The transaction is intended to be effected by way of a court sanctioned scheme of arrangement under English law, subject to the approval of Abcam shareholders, the receipt of certain regulatory approvals, the sanction of the High Court of Justice of England and Wales and other customary closing conditions. A circular containing further information and setting out the timing and process for shareholder approval will be issued to Abcam shareholders in the coming weeks. The transaction is expected to close mid-2024, subject to satisfaction of these conditions. Danaher expects to fund the acquisition using cash on hand and proceeds from the issuance of commercial paper.