SeraCare Life Sciences Inc.’s (NSDQ:SRLS) board of directors began exploring "strategic alternatives for the company to enhance shareholder value," which includes a possible sale of the company.
"SeraCare has not made a decision to pursue any specific transaction or other strategic alternative, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the Company or in any other transaction," according to SEC filings.
The Milford, Mass.-based diagnostic company has been fending off a hostile takeover bid by private private equity firm MSMB Capital, who wrote to the board last month recommending that the firm’s management be ousted.
MSMB offered to acquire SeraCare for $4.25 per share, a 22 percent premium over the stock’s closing price of $3.49 on June 22.
"Although we believe that the company’s current management performed admirably in steering the company out of bankruptcy several years ago, the company’s stock price has stagnated over the past 18 months," MSMB wrote in the letter. "Specifically, we believe that if we had not been actively acquiring shares of the company’s common stock over the last several months, the company’s stock price would be much lower."
SeraCare released “disappointing” second quarter earnings last week, posting a 60 percent dip in profits amid a 15 percent loss in sales. The company also announced the resignation of its CEO Susan Vogt, who held the keys to the corner office for the past five years.
The company’s share price rose 5.5 percent to $4.00 on news of the SEC filing today.