Quanterix (QTRX) shareholder Kent Lake said Tuesday that it opposes the company's proposed deal with Akoya Biosciences (AKYA).
Kent Lake, which owns 7.25% of Quanterix's stock, argued the deal is bad for Quanterix shareholders as it values Akoya almost five times higher than Quanterix, despite Quanterix's "superior" growth and market opportunity.
Kent Lake said in its claims that Quanterix ended up bidding against itself for Akoya, as other potential buyers backed out. It also raised concerns about the Quanterix board, suggesting that some directors have conflicts of interest and have not acted in the best interests of shareholders.
Kent Lake urged Quanterix stockholders to vote against the proposed merger and also said it recently nominated three independent board candidates to represent shareholders' interests better.
Quanterix and Akoya Biosciences did not immediately reply to MT Newswires' request for comments.
QTRX shares were up 3.5% and AKYA shares were 5.2% higher in recent trading.
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