SeraCare Gets Acquisition Offer
SeraCare Life Sciences Inc. of Milford has received an unsolicited offer from a New York investment fund to buy all outstanding shares of the company for $82 million.
MSMB Capital Management said its proposed price of $4.25 per share represents a 22 percent premium over Tuesday's closing price. The stock's price jumped from around $3.50 per share to over $4 after MSMB announced its offer yesterday.
In a letter to SeraCare's board of directors, MSMB's chief investment officer, Martin Shkreli, said the company's stock price had stagnated and might have dropped much lower if MSMB had not been "actively acquiring shares" over the last several months. Shkreli also cited "management's inability to grow the company's business" as a reason for the proposed takeover.
Shkreli wrote that he hopes to reach a "friendly conclusion to this matter" with the board of directors, but added "MSMB reserves the right to take any steps it deems necessary to maximize shareholder value if a timely conclusion is not reached."
Shkreli also wrote that MSMB might increase the price per share. MSMB gave a deadline of July 29 for reaching an agreement on a deal.
In its own press release SeraCare said its board of directors will "review the proposal in due course."
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