Bio-Techne Releases Supplemental Merger Disclosures Amid Shareholder Lawsuit
Bio-Techne Corporation has released supplemental merger disclosures related to its pending acquisition by Merck KGaA, following a shareholder lawsuit and multiple demand letters. The lawsuit, filed on September 9 in the District Court for the Fourth Judicial District of Minnesota, alleges that the proxy statement contains misrepresentations or omissions of material information.
The company has received multiple demand letters from shareholders making similar claims about the proxy statement disclosures. Bio-Techne stated that it believes the allegations are without merit and that its disclosures comply with applicable law.
Despite this, the company is voluntarily providing supplemental information to avoid the risks and uncertainties of litigation and to allow shareholders to vote as scheduled. The supplemental disclosures amend 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.