Horizon Discovery rejects Abcam's £270m takeover bid
Life sciences group Abcam has been rebuffed in its £270m takeover bid for Horizon Discovery Group, which was made on 19 April, rejected on Wednesday.
Abcam said its pursuit of Horizon was part of its objective to become “the most influential life science company for researchers worldwide”, and that the acquisition would have assisted both companies with the expansion of their global reach.
A statement on Wednesday afternoon from Abcam said: “The combination would accelerate Horizon Discovery's growth, enhance the capabilities for both businesses and create significant value for researchers through the development of new products and services. Abcam has a proven track-record of acquiring and successfully integrating businesses.”
The offer of 181p per Horizon Discovery share represented a 26% premium to Horizon Discovery’s closing share price on Tuesday, though the shares came close to touching 300p less than a year ago.
Abcam said its board felt the proposal represents "a compelling opportunity to drive superior value creation for the shareholders of both companies" and is seeking talks with Horizon Discovery, with the announcement of the proposal "as a means to encourage and further that process.
Horizon has seen its share price fall dramatically since chief executive Darren Disley left the company to pursue other interests in February.
Abcam’s co-founder Jonathan Milner is a shareholder in both businesses and is understood to be a friend and ally of Disley’s.
As of 1425 BST, Abcam’s shares were up 1.81% at 1,236.00p, while Horizon Discovery Group’s shares were up 20.83% at 174.00p.