Ademi LLP is investigating Bio-Techne for possible breaches of fiduciary duty in its recently announced transaction with Merck. Bio-Techne shareholders will receive $73 per share in cash, representing a total enterprise value of approximately $11.3 billion. The investigation focuses on whether the Bio-Techne board of directors is fulfilling its fiduciary duties to all shareholders, particularly given that insiders will receive substantial benefits as part of change of control arrangements. The transaction agreement unreasonably limits competing transactions by imposing a significant penalty if Bio-Techne accepts a competing bid.
Bio-Techne CorpInvestigation into fiduciary duties and deal terms may threaten or delay the acquisition
Merck & Company Inc
Merck KGaA