Bio-Techne Releases Supplemental Merger Disclosures Amid Shareholder Lawsuit
Bio-Techne Corporation has released supplemental merger disclosures after facing a shareholder lawsuit and several demand letters questioning the adequacy of its proxy statement. The company, with a market capitalization of $11.33 billion, saw its stock surge 42% over the past six months.
The suit, filed on September 9 in the District Court for the Fourth Judicial District of Minnesota, alleges misrepresentations or omissions of material information in the proxy statement. Bio-Techne stated that it believes the allegations are without merit and that its disclosures comply with applicable law.
The company voluntarily provided supplemental information to avoid potential litigation risks and allow shareholders to vote as scheduled on September 23. The merger, announced in June, would result in Bio-Techne becoming a wholly owned subsidiary of Merck KGaA, subject to shareholder approval and other customary conditions.