July 29, 2020 / 12:02 PM / 8 days ago

Qiagen investor PSquared won't tender shares in Thermo Fisher bid

FILE PHOTO: Illustration of products are pictured from Qiagen, the diagnostics company which has agreed an $11.5 billion takeover deal with U.S-based Thermo Fisher in this picture illustration obtained by Reuters March 3, 2020. Qiagen/Handout via REUTERS

ZURICH (Reuters) - Switzerland-based PSquared Asset Management on Wednesday unveiled a stake of more than 4% in Qiagen (QIA.DE), adding it would not tender its shares into a $12.9 billion offer by U.S. laboratory equipment supplier Thermo Fisher (TMO.N).

“PSquared believes that the current cash offer by Thermo Fisher at 43 euros ($50.45) per share materially undervalues Qiagen on a standalone basis,” the fund said in response to a Reuters request.

“PSquared will not tender any shares into the current offer.”

Hedge fund Davidson Kempner, which says it owns more than 5% of Qiagen, a day earlier said it would not tender its shares into the offer, adding a price of between 48 euros and 52 euros a share was more appropriate.

Reporting by Paul Arnold and Oliver Hirt; Writing by Christoph Steitz; Editing by Michelle Martin

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