15.12.2020 – 12:21
Statement from Davidson Kempner regarding Qiagen
Constructive and Substantive Engagement with Qiagen N.V. ("the Company")
Davidson Kempner has enjoyed considerable engagement with the Executive Management and Supervisory Board of the Company since the rejection by shareholders of the Thermo Fisher Scientific offer. The dialogue has been highly constructive and in line with Davidson Kempner's statement on 13 August 2020, focused on the following key areas:
1. Refocusing the strategy on higher growth businesses with a disciplined capital allocation framework
As part of the debate and discussion with the Company ahead of the Capital Markets Day ("CMD") on 8 December 2020, Davidson Kempner engaged industry leading consultants to thoroughly evaluate the underlying markets the Company operates in, including their growth prospects and market positioning, and the attractiveness of various long term strategies.
We believe the communication during the CMD around the five pillars of growth provides a clear framework for understanding the key drivers of growth and the priorities for capital allocation.
2. Strong execution, delivery on expectations and investing for growth
We are pleased with the new management's execution track record. This includes the successful CMD, delivering on Q3 2020 earnings, raising Q4 2020 guidance, setting strong and achievable 2021 targets and providing a roadmap to double digit sales growth for non-covid products for the post pandemic period.
Davidson Kempner supports decisions made by Thierry Bernard and Roland Sackers to invest in long-term growth by expanding manufacturing capacity, enhancing its range of assays and developing its capabilities in products where the Company has a strong market position and attractive prospects for growth.
We remain excited about working with the Company as it executes on this logical and disciplined strategy.
3. Improving the quality of engagement between Qiagen and its investors and rebuilding trust with its stakeholders
We welcome the improved disclosure and believe the CMD has demonstrated a commitment to increase transparency. The CMD was an important step in providing better disclosure, improving dialogue with investors, and setting out the Company's long-term strategy.
Davidson Kempner welcomes the comments from the Company that the Supervisory Board will be enhanced and fully supports the view that the Supervisory Board should be strengthened by appointing new members with broader commercial expertise. We look forward to continuing the dialogue with the Supervisory Board on this important matter.
Valuation Remains Compelling
We believe the Company is delivering successfully on expectations and has improved disclosure, which gives investors a far clearer understanding of the Company and its growth prospects. This growth is not reflected in the current valuation and we see significant upside to the share price as the Company continues to deliver on its strategy.
About Davidson Kempner
Davidson Kempner Capital Management LP is a global institutional alternative asset management firm, founded in 1983, with over 400 team members and approximately $34.5 billion in assets under management as of 1 December 2020.
The Firm offers a number of products including the Multi-Strategy Funds, the Distressed Opportunities Funds and drawdown funds.
The Firm's investment strategies include Distressed, Merger Arbitrage, Long/Short Equities, Convertible Arbitrage and Long/Short Credit.
For media enquiries: Greenbrook Andrew Honnor, Rob White, Fanni Bodri Email: firstname.lastname@example.org Tel: +44 (0) 20 7952-2000
Original content of: Davidson Kempner, transmitted by news aktuell