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(Reuters) -Abcam Plc founder Jonathan Milner on Thursday said he would vote against medical tools supplier Danaher (NYSE:)’s proposed $5.7 billion acquisition of the company, as it undervalues the protein consumables maker.
Danaher’s offer price of $24 per share “falls significantly short of its (Abcam’s) inherent worth”, Milner said.
Milner, who owns a 6.14% stake in the company, has been pushing to refresh its board while calling for improvements in governance to restore the company’s share price for a fair valuation for a buyout offer. The stock has gained about 47% this year.
Abcam has come under pressure from Milner and activist shareholders including hedge fund Starboard Value LP to sell itself.
Milner, who served Abcam as CEO from 1999 to 2014 and later as deputy chairman from 2015 to 2020, in June had appealed to shareholders to elect him as executive chairman, while calling for the removal of Peter Allen, Michael Baldock, and Sally Crawford as directors of the company.
On Thursday, Milner said he would formally request the board for a general meeting to replace members including chairman, chief executive and chief financial officer.
Abcam considers it “surprising” that Milner is taking steps to oppose the deal which appears to be an attempt to create confusion for shareholders ahead of voting on the transaction, a company spokesperson said.
William Blair analyst Matt Larew said that though the founder’s announcement injects more uncertainty, the deal is more likely to close and he does not expect another bidder to emerge.
Cambridge, England-based Abcam manufactures and supplies so-called protein consumables such as antibodies, reagents used for medical research.
Danaher said on Thursday it is committed to Abcam’s current geographic presence, with its headquarters in the UK.
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