Abcam plc, a global leader in life science research tools, has received a favorable recommendation from Institutional Shareholder Services (ISS) for Danaher Corporation’s proposed acquisition of Abcam (Nasdaq: ABCM). ISS highlighted the thorough sales process, the certainty and premium value of Danaher’s all-cash offer, and the lack of a superior proposal. Abcam’s CEO, Alan Hirzel, encouraged shareholders to vote “FOR” the transaction at the upcoming meetings, emphasizing its benefits for the company, employees, and customers. The vote is scheduled for November 6, 2023.
Abcam plc (Nasdaq: ABCM) (‘Abcam,’ the ‘Group’ or the ‘Company’), a global leader in the supply of life science research tools, today announced that leading independent proxy advisor Institutional Shareholder Services (‘ISS’), recommended that Abcam shareholders vote “FOR” Danaher Corporation’s (‘Danaher’ or ‘DHR’) proposed acquisition of Abcam (the ‘Transaction’) ahead of its shareholder meetings on November 6, 2023.
Alan Hirzel, Chief Executive Officer of Abcam, said: “We are pleased that ISS supports our board’s unanimous recommendation that shareholders vote “FOR” the proposed sale to Danaher. We are confident this transaction is in the best interests of Abcam and its shareholders and will deliver an excellent outcome for Abcam’s employees and customers. We strongly urge all Abcam shareholders to follow the recommendation of our board and ISS.”
In its report dated October 16, 2023, ISS noted:
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“In light of the thorough sales process, the premium and certainty of value inherent in the [Danaher] all-cash offer, and the reasonable valuation, the proposed transaction appears to be a superior alternative to the downside risk and uncertainty inherent in Milner’s underdeveloped plan to create value through a board refresh. As such, support for the proposed transaction is warranted.”
“Given the public nature of the campaign, broad outreach during the sales process, and the relatively small termination fee, the fact that no other parties have come forward with a superior proposal is a strong indication that this is the highest offer shareholders can expect.”
“While shareholders are only voting at this time on the proposed transaction, the uncertainty in Milner’s plan due to lack of details regarding his proposed nominees or his potential go-forward plan if he were to take over as CEO stands in stark contrast to the certainty provided by the proposed cash offer from DHR.”
Source: Biospace
