Davidson Kempner Letter to Qiagen NV

Davidson Kempner Letter to Qiagen NV

PR Newswire

LONDON, July 16, 2020

LONDON, July 16, 2020 /PRNewswire/ --


Dr. Håkan Björklund (Chairman of the Supervisory Board)
Stéphane Bancel (Supervisory Board Director)
Dr. Metin Colpan (Supervisory Board Director)
Prof. Dr. Ross Levine (Supervisory Board Director)
Prof. Dr. Elaine Mardis (Supervisory Board Director)
Lawrence A. Rosen (Supervisory Board Director and Chairman of the Audit Committee)
Elizabeth E. Tallett (Supervisory Board Director and Chairwoman of the Compensation Committee)
Thierry Bernard (Chief Executive Officer)
Roland Sackers (Chief Financial Officer)

Hulsterweg 82, 5912 PL Venlo, Netherlands

16 July 2020

Dear Members of the Supervisory Board and Management Board,

Davidson Kempner European Partners, LLP is the sub-adviser to Davidson Kempner Capital Management LP which acts as the discretionary investment manager to various funds which hold in aggregate 8,144,286 shares of Qiagen N.V. (the "Company"). This aggregate holding represents 3.6% of the share capital of the Company.

Increased Thermo Fisher Scientific ("Thermo") Offer is a Step in the Right Direction but Falls Short of Fair Value of €48-52/share and Davidson Kempner Will Not be Tendering Its Shares.

We welcome the increased €43/share offer from Thermo announced today. While the increased offer is beginning to recognise the material positive uplifts to the Company's business prospects, the revised offer price is still at a material discount to the fair value of the Company of €48-52/share. The revised offer of €43/share represents a P/E multiple of 19.3x on Davidson Kempner's adjusted EPS of $2.54/share, which is below the Company's historical trading range of 20-23x and does not incorporate any control premium. We are also disappointed with the Board of the Company, which has decided to reduce the acceptance condition in return for a price well below fair value.

We will not be tendering our shares into the revised offer. We encourage other shareholders to reject the offer and communicate their views to the Board of the Company.



cc: Risto Koivula (Partner)

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