Jonathan Milner Releases Presentation To Abcam Shareholders, Outlining Reasons To Reject Danaher's Bid And Strategic Vision For The Company

Author: Benzinga Newsdesk | October 16, 2023 10:34am

Jonathan Milner releases presentation to Abcam plc shareholders, outlining reasons to reject Danaher's bid and strategic vision for the Company

CAMBRIDGE, England, 16 October 2023 – Dr. Jonathan Milner, the founder and one of the largest

shareholders in Abcam plc ("Abcam" or the "Company") (NYSE:ABCM) with ownership of 6.16%, today issued a presentation covering the reasons for Abcam shareholders to vote against the $24 per share bid from Danaher Corporation (NYSE:DHR) or its affiliates ("Danaher").

These include:

• Data showing that the forward multiple implied by the $24 bid price is below Abcam's long-term trading multiple
• The anticipation of a transformational year ahead with increased EBITDA margins and revenue growth for FY24, not reflected in Danaher's offer
• The positioning of Abcam to reap the returns of the five-year investment plan, rendering the $24 offer price as the wrong price at the wrong time
• Details of the selective approach in the fairness opinions included in the Scheme Circular, resulting in the omission of key peer group companies from the analysis which depressed the multiples and the implied value per share

Dr. Milner firmly believes that Abcam stands as an exceptional UK asset and should not be undersold to Danaher. However, he is open to selling to Danaher or another suitor at a fair price that genuinely reflects the Company's true value and potential.

In the presentation, Dr. Milner unveiled "Abcam 3.0," his strategy for Abcam. Should the "Vote AGAINST" campaign conclude successfully, he intends to convene an Extraordinary General Meeting (EGM) aimed at overhauling the Company's Board. His strategy focuses on four strategic pillars essential for the Company's three-year growth plan commencing in 2024:

• Returning Abcam to best-in-class Corporate Governance and Investor Relations
• Restoring operational efficiency and achieving execution excellence
• Strengthening leadership in Antibody and Digital Platforms
• Reestablishing antibodies as the conduit into market adjacencies

The full presentation can be found at this link and has been made available on www.abcamfocus.com

Jonathan Milner

https://abcamfocus.com/

Posted In: ABCM DHR