WASHINGTON (dpa-AFX) - Bio-Techne Corporation's (TECH) activist investor Ananym Capital Management has taken a stake in the company and is urging management to explore strategic alternatives, including a potential sale, according to a Bloomberg report.
The report further stated that Ananym had sent a letter to Bio-Techne's board, arguing that the Minneapolis-based life sciences tools company has lagged both its industry peers and the broader market in recent years. The investor believes a sale to a larger industry player could create greater value for shareholders than Bio-Techne is likely to achieve as an independent company.
In its letter, Ananym acknowledged Bio-Techne's strong portfolio of assets and established customer relationships but said the company's organic growth has trailed competitors. The activist investor also criticized investments in adjacent business areas, arguing that they have weighed on operating margins without delivering meaningful growth.
'While we are a new investor, shareholders have suffered for years as the company has continued to destroy value,' the letter read. 'A failure to act now risks further value destruction and even permanent capital impairment, which the board has a duty to avoid by exploring all potential paths to preserving and enhancing value.'
Ananym further contended that a larger acquirer could unlock significant cost savings, revenue opportunities, and platform synergies that would be difficult for Bio-Techne to realize on its own.
In the pre-market hours, TECH is trading at $55.00, up 1.85 percent on the Nasdaq.
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