September 18, 2023 | Health Care | North America | Ended

Abcam / Danaher: Deal Insight

Healthcare technology conglomerate Danaher announced on 28-Aug-23 an agreement to buy Abcam, a UK-incorporated global supplier of protein research tools to life scientists, for $5.7bn, including debt. Danaher is offering $24.00 per Abcam share, which represents a 2.7% one-day takeover premium and a 42.7% premium to Abcam’s share price on 9-Jun-23, the last trading day before the target’s founder issued an open letter calling for actions to address financial underperformance and value destruction at the company. The now-definitive deal has received unanimous approval from the boards of both companies and is structured as a court-sanctioned scheme of arrangement under UK law. As such, approval by Abcam shareholders is required (75% in value at the Court Meeting, 75% of votes at the EGM), but Danaher shareholder approval is not needed. Antitrust clearances will be sought from the US, Germany, Austria and China. Filings for the first three are expected within 15 business days (by 19-Sep-23), while the SAMR filing will be made ...

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