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Commenting on the report, Jonathan Milner issued the following statement:
"I welcome Glass Lewis's scrutiny of the pressing issues surrounding excessive executive pay and bonuses, aspects also recently covered in a Times article, as well as their critical examination of the peer group selection method used for Abcam's valuation. I share these concerns, and these arrangements call for immediate attention.
As I have reiterated on numerous occasions, I firmly believe that Danaher's offer of $24 per share significantly undervalues Abcam, offering no premium for control. When considering the potential of Abcam as an independent entity bolstered by an effective Board and Executive Leadership, the proposed acquisition price falls significantly short of reflecting the Company's inherent worth.
Furthermore, I am convinced that the timing of the sale process is inopportune. Abcam stands on the cusp of realising the substantial returns from its five-year plan with significant investments already made.
It is pertinent to reference the recent acquisition of Olink by Thermo Fisher, a transaction that not only underscores the continued robustness of our sector but also commanded an appropriate strategic premium of 74%. This specific deal demonstrates that high-quality assets are capable of securing a substantial strategic premium in a change of control transaction, something the Board of Abcam seems to have failed to achieve. This deficiency is set to result in an undue transfer of considerable value from Abcam's shareholders to those of Danaher.
I believe that voting AGAINST the transaction is, without question, in the best interest of shareholders. My commitment extends beyond restoring the Company to its former stature as a premium-rated entity in the life sciences sector. The Board I envision for Abcam, comprising distinguished and independent nominees, will maintain an unwavering dedication to maximising shareholder value."
THE CHOICE IS CLEAR– VOTE AGAINST THIS PROPOSED TRANSACTION AND SEND A CLEAR
MESSAGE TO THE BOARD THAT THEY ARE DISSATISFIED WITH THE PROPOSED ACQUISITION.
