SomaLogic board urges shareholders to approve Standard Bio Tools merger

seekingalpha2023-12-30

SomaLogic’s (NASDAQ:SLGC) board of directors has issued an open letter to stockholders urging them to vote for a proposed merger with Standard Bio Tools (NASDAQ:LAB) and disputing allegations made by ...

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The board said the merger was in the best path forward for the company, asserting that SomaLogic’s co-development partnership with Illumina (ILMN) “will not guarantee the company’s success.” “With industry consolidation more broadly, and Illumina focused on its own set of priorities, it is paramount that SomaLogic strengthen its position in the market, and this transaction is the best way to accomplish this,” the letter said. The board also said that the proposed transaction was “the result of a thorough, independent and deliberative Board process,” and that board member Ed Casdin had recused himself from board discussions related to a potential deal with Standard Bio Tools. The board added that as part of a strategic review of the company’s options to maximize value for its stockholders, SomaLogic’s board engaged with 16 parties about a possible transaction, but only Standard Bio Tools “expressed any actionable indication of interest.” Standard BioTools was also the only party to sign a non-disclosure agreement, it said. SomaLogic's board also noted that independent proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote in favor of the merger.  SomaLogic shareholders are scheduled to vote on the merger on Jan. 4. On Thursday, SomaLogic founder Larry Gold and Chief Technology Officer Jason Cleveland issued an open letter urging stockholders to vote against the proposed merger. The pair also accused the board of breaching its fiduciary responsiblities in negotiating the deal.  More on Standard BioTools, SomaLogic, etc.  SomaLogic Inc. (SLGC) Q3 2023 Earnings Call Transcript Standard BioTools Inc. 2023 Q3 - Results - Earnings Call Presentation Standard BioTools Inc. (LAB) Q3 2023 Earnings Call Transcript SomaLogic founder, CTO urge shareholders to vote against merger SomaLogic holder opposes Standard BioTools merger - report","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2395488030"}