Abcam gains on report it's seeing takeover interest from Danaher, Agilent
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Abcam (NASDAQ:ABCM) ADRs rose 4% on a report that the biotechnology supplier is seeing initial interest from Danaher (DHR) and Agilent Technologies (A).
Abcam (ABCM) has also separately reached out to other companies, including Germany's Merck KGaA (OTCPK:MKGAF), to see their interest in a possible deal, according to a Bloomberg report, which cited people familiar with the matter. Several private equity firms are also evaluating the company.
The British biotech company plans to ask suitors for first-round bids in the coming weeks, Bloomberg added.
Abcam (ABCM) said a week ago 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 Jonathan Milner, founder of Abcam (ABCM) and a former director of the company with a 6.3% stake in the biotech firm.
Milner on Monday suspended his proxy solicitation effort after the biotech company said it would evaluate its alternatives. Famed activist invest Starboard Value last Friday said it supported the company's sales effort.