Jonathan Milner issues Open Letter to shareholders of Abcam plc
Founder and major shareholder of Abcam plc, Dr. Jonathan Milner, has urged shareholders to question the proposed acquisition of the company by Danaher Corporation. In an open letter, Dr. Milner expressed concerns about the offer price and the potential undervaluation of Abcam. He emphasized that a sale at the right price, whether to Danaher or another bidder, would not be blocked by him as long as it accurately reflects the value and potential of the company.
Dr. Milner highlighted his disappointment with the $24 per share bid from Danaher, stating that it does not reward Abcam shareholders with a premium for control. He argued that the Board’s recommendation to sell at this price may be due to reservations about the current management’s ability to drive significant returns for shareholders and bring the five-year investment plan to fruition.
The founder also raised concerns about the fairness opinions provided by Abcam’s financial advisers, suggesting that certain analyses may have been too selective. He pointed out that the trading multiples of comparable companies, such as Repligen Corporation, Maravai Lifesciences, and Illumina, were not adequately considered, potentially depressing the multiples and implied value per share.
Dr. Milner reassured shareholders, employees, and customers that he does not wish to cause unnecessary disruption and remains open to engaging with the Board on a constructive basis. He emphasized his dedication to the international life sciences industry and his belief in Abcam’s potential for outstanding financial performance.
In conclusion, Dr. Milner urged all shareholders to vote against the proposed acquisition, emphasizing the need to send a clear message to the Board. He emphasized that he is prepared to sell Abcam at the right price, provided it accurately reflects the value and potential of the company.
Abcam is a renowned UK asset in the biopharma industry, and Dr. Milner believes it should not be sold off too cheaply to Danaher. The founder’s open letter highlights his commitment to realizing the true value of Abcam for fellow shareholders and capitalizing on the opportunities in the rapidly changing biopharma industry.
For more information and updates on the matter, shareholders can visit the website www.abcamfocus.com.