Bio-Techne Issues Supplemental Merger Disclosures Amid Shareholder Lawsuit

Bio-Techne Corporation (NASDAQ:TECH) has issued supplemental merger disclosures after receiving demand letters from shareholders questioning the adequacy of its proxy statement. The company is set to become a wholly owned subsidiary of Merck KGaA, Darmstadt, Germany, following shareholder approval and other customary conditions.

The supplemental disclosures address several sections of the proxy statement, including details on prior acquisition discussions with other parties, terms of engagement with its financial advisor Goldman Sachs, and updated financial metrics used in analyses related to the merger. The company clarified that there were no post-closing employment discussions between Bio-Techne executives and potential counterparties prior to the merger agreement.

The merger was announced in June and would result in Bio-Techne's market capitalization of $11.33 billion increasing significantly. Its stock has surged 42% over the past six months, with trading at $72.27 as of Monday. However, according to InvestingPro analysis, the stock is currently considered overvalued.