BIO: Activist Interest in Bio-Rad? Some Historical Perspective

Research evidence excerpt

BIO: Activist Interest in Bio-Rad? Some Historical Perspective

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Dan Leonard (Analyst)

May 17, 2026

Bio-Rad Laboratories, Inc.

Activist Interest in Bio-Rad? Some Historical Perspective

NYSE: BIO | USD 247.53 | Outperform | Price Target USD 320.00

Sentiment: Positive

The Wall Street Journal reported in an unconfirmed article today that Elliott Investment Management has taken a position in Bio-

Rad (BIO) -- this is not the first time an activist has circled the name (recall Corvex's involvement from mid-2016 to mid-2017).

Key considerations:

• Structural constraints limit an activist's leverage. Bio-Rad's dual-class share structure gives Class B shareholders -- held almost

entirely by the Schwartz family -- the right to elect two-thirds of the Board, making it difficult for any outside investor to drive

meaningful governance change.

• But activist/engaged investors can still move the needle. Corvex's prior engagement offers a relevant precedent: it prompted

Bio-Rad to publicly commit to long-range financial targets for the first time -- a tangible, if modest, shareholder-friendly outcome.

• We agree Bio-Rad is undervalued. Elliott's potential interest is consistent with our own view, as outlined in our resumption of

coverage last week -- the stock screens cheap and the operational improvement story remains intact, in our view.

Bottom line: Elliott's influence will likely be constrained by the family's structural control, but even modest pressure could unlock

incremental shareholder value, as history suggests.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: May 17, 2026 21:47EDT; Produced: May 17, 2026 21:47EDT