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FTI Consulting represents British life sciences company Abcam as it defends its $5.7B takeover by DC-based Danaher, which chalked up $31.5B in fiscal 2022 revenues.
Jonathan Milner, Abcam founder and owner of a 6.15 percent stake, opposes the deal, saying it undervalues the company. He accuses the board of not getting the best price for the company.
Abcam on Oct 5 issued a statement to shareholders, saying it conducted a “robust sales process led by Morgan Stanley and Lazard” that included more than 30 potential buyers.
It said Danaher’s $24.00 per share in cash offer was the “highest and best price received at any point in the process," topping the runner-up $22.50 per share offer.
Milner vows to vote against the deal at the Nov. 6 general meeting and replace members of the board.
ICR Consilium’s Mary-Jane Elliott, Davide Salvi and Matthew Neal represents Milner in Europe, while ICR’s’ Dan McDermott works the US.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
