Danaher completes $5.7 billion acquisition of Abcam

(Reuters) – Medical tools supplier Danaher said on Wednesday it has completed the $5.7 billion acquisition of Abcam, overcoming the initial opposition from the founder of the protein consumables maker.

Danaher agreed to buy Abcam in September for $24 per share to expand its portfolio of products and services, but founder Jonathan Milner opposed it saying the offer undervalued the company.

Milner, who owns a 6.14% stake, had said he would vote against the acquisition. But he later suspended his campaign after talks with shareholders, who said the company was fairly valued.

Abcam’s shareholder voted in favour of the deal in November. Milner served as Abcam’s CEO from 1999 to 2014 and later as deputy chairman from 2015 to 2020.

Cambridge, England-based Abcam manufactures and supplies so-called protein consumables such as antibodies and reagents used for medical research.

(Reporting by Khushi Mandowara in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur)