Bio-Techne Merges into Merck Amid Shareholder Lawsuit

Shareholders have filed a lawsuit to halt Bio-Techne's merger vote with Merck KGaA, scheduled for September 23. The plaintiffs claim that the company's proxy statement has insufficient disclosures about the sale process and valuations.

The complaint, Robert Garfield v. Baumgartner et al., was filed in the District Court for the Fourth Judicial District of Minnesota on September 9. Multiple demand letters have also been sent to Bio-Techne from other shareholders, alleging that the proxy statements are deficient.

Bio-Techne has agreed to supplement its proxy statement with additional information about the deal background and financial advisor disclosures, which includes details on Goldman Sachs' fairness opinion.

The supplemental disclosure provides new detail on the sale process, including verbal expressions of interest from Merck in 2023 at a price range of $92 to $95 per share. Bio-Techne stock was trading between $73.76 and $85.98 during that quarter.