Activist investor Starboard Value has sold its stake in Abcam (NASDAQ:ABCM) after the company agreed to sell itself to Danaher (NYSE:DHR) for $24 a share, according to a CTFN report earlier.
The news comes as Abcam (ABCM) holder and founder Jonathan Milner has been pressuring shareholders to reject the $24 a share deal at a vote on Nov. 6, saying it undervalues the company.
Milner suffered a loss in his battle recently when influential proxy advisers ISS and Glass Lewis came out to recommend that shareholders vote in favor of the Danaher (DHR) deal.
Milner is said to still continue with efforts even after the proxy firm recommendations, according to the CTFN report, which cited a person familiar with the matter.
Milner originally suspended his proxy solicitation effort in June after the biotech company said it would evaluate its alternatives. Famed activist investor Starboard also said in June that it supported the company’s sales effort.