Bio-Techne Corp. (NASDAQ:TECH) is one of the 9 Stocks Winning by Double Digits.
Bio-Techne rallied for a third straight day on Thursday, surging 20.08 percent to close at $70.70 apiece, as investors gobbled up shares following news that it is merging with pharmaceutical giant Merck for $11.3 billion.
In a statement, Bio-Techne Corp. (NASDAQ:TECH) said that it officially entered into a definitive agreement with Merck for the all-cash sale of its shares at a price of $73 apiece. The price marked a 24-percent upside potential from its closing price of $58.88 on Wednesday, prior to the announcement.
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“Following a thorough review, Bio-Techne’s Board of Directors determined that this transaction represents an excellent opportunity for Bio-Techne and delivers substantial, near-term cash value to shareholders. We are confident that, as part of Merck KGaA, Darmstadt, Germany, Bio-Techne will be well positioned to leverage its strong foundation and expand its impact across life sciences,” Bio-Techne Corp. (NASDAQ:TECH) Chairman Robert Baumgartner said.
Both parties target to complete the transaction by late 2026 or early 2027, subject to satisfaction of customary closing conditions, including the receipt of required regulatory approvals and approval by Bio-Techne Corp. (NASDAQ:TECH) shareholders.
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