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In a press release on Thursday, it was revealed that Milner, who owns 6.14% of ABCM, will also request the board to convene a general meeting with the purpose of replacing the company’s board, including current CEO Alan Hirzel.
Milner’s decision to oppose the acquisition is based on “extensive feedback received from many shareholders and analysts.” They believe the $24 per share offer undervalues Abcam .
“When considering the potential of the company as an independent entity with an effective Board and Executive Leadership, the proposed acquisition price falls significantly short of its inherent worth,” according to Milner.
Earlier this year, Milner rolled out a six-month plan for Abcam aimed at elevating the company’s market position. He also assembled a shadow Board for Abcam.
Milner’s plan includes adding back a main market listing on the London Stock Exchange to increase shareholder value.
