Egan-Jones: SomaLogic holders should vot ‘against’ Standard BioTools deal

Madryn Asset Management a holder of approximately 4.2% of the outstanding common stock of SomaLogic (SLGC), announced that Egan-Jones Proxy Services an independent proxy advisory firm, has recommended shareholders vote AGAINST the proposed merger with Standard BioTools (LAB) at the Company’s Special Meeting of Shareholders on January 4. In its report, Egan-Jones noted: “Egan-Jones views the proposed transaction to be untimely and inadvisable in terms of maximizing shareholder value.” “We believe that the proposed merger agreement was a result of an insufficient search process due to the presence of conflict(s) of interests, which we view as detrimental to the assessment of the true value of the Company.” “Assuming that the merger will be consummated, Eli Casdin and Casdin Capital, will retain their valuable Series B Preferred Put-Right in the pro forma combined entity.”..Mr. Casdin’s ties with certain members of the Transaction Committee makes the process’ integrity questionable.” “…the merger significantly undervalues the Company’s worth… We believe that there is a crucial discount to the premium and to the Company’s value as well.” “…SomaLogic is better off as a stand-alone company, in the absence of a significantly higher offer.” Avinash Amin, Managing Partner of Madryn Asset Management, stated: “Egan-Jones clearly recognizes that the Proposed Merger is inherently flawed and not in the best interests of SomaLogic or its shareholders. We are pleased that Egan-Jones has joined the chorus of shareholders who have publicly opposed the Transaction due to its numerous failings, including an inadequate process, poor governance and blatant undervaluation of SomaLogic. We urge our fellow shareholders to follow Egan-Jones’ independent recommendation and vote against this Transaction.”