Deals
Triton’s Clinigen Bid Wins Support From Proxy Advisory Firms
- ISS, Glass Lewis recommend investors vote in favor of deal
- Activist Elliott believes $2 billion bid undervalues Clinigen
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Clinigen Group Plc’s plan to sell itself to Triton Investment Management has won support from two prominent shareholder advisory firms, despite concerns among large holders including activist Elliott Investment Management that the terms undervalue the pharmaceutical company.
Institutional Shareholder Services Inc. said the transaction warranted its “qualified support” because of its substantial premium with the certainty of cash considerations. Glass Lewis & Co. called the deal an “attractive opportunity” for shareholders to exit in light of the company’s historical underperformance and the risks it’s facing.