Bio-Techne Releases Supplemental Disclosures Amid Shareholder Lawsuit Over Merger

Bio-Techne Corporation (NASDAQ:TECH) has released supplemental disclosures regarding its pending merger with Merck KGaA, Darmstadt, Germany. The move comes after a shareholder lawsuit and multiple demand letters questioned the adequacy of the proxy statement.

The lawsuit, filed in the District Court for the Fourth Judicial District of Minnesota on September 9, alleges that the proxy statement contains misrepresentations or omissions of material information. Bio-Techne has stated that it believes the allegations are without merit and its disclosures comply with applicable law.

As a result of the supplemental disclosures, several sections of the proxy statement have been amended, including details on prior acquisition discussions with other parties and terms of engagement with financial advisor Goldman Sachs. The company also clarified that there were no post-closing employment discussions between Bio-Techne executives and potential counterparties prior to the merger agreement.