British biotech firm Oxford Nanopore set to use an ‘anti-takeover’ structure in its stock market float later this year
British biotech firm Oxford Nanopore is set to use an ‘anti-takeover’ structure in its stock market float later this year.
The business wants to be able to fend off foreign bidders and continue to be a UK success story.
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Voting rights: Oxford Nanopore has asked for shareholder approval to give chief executive Gordon Sanghera (pictured) a ‘golden share’
It has asked for shareholder approval to give chief executive Gordon Sanghera a ‘golden share’ which would allow him to veto any potential takeover for a period of up to three years.
It comes as cash-rich private equity firms have been running the rule over British companies since the pandemic began, scouring the stock market for a bargain.
Oxford Nanopore, whose DNA sequencing technology has been used in the fight against Covid, is planning to list on the London Stock Exchange in the second half of this year, valued at between £4billion and £7billion.