Thermo Fisher Scientific, a manufacturer of scientific instruments, consumables, and chemicals, withdrew its $12.2bn offer for Qiagen, a provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research. The offer was terminated when only 44% of Qiagen shares were tendered by the deadline, short of the 67% needed. Activist investor Davidson Kempner, owner of an 8% stake in Qiagen which campaigned against Thermo Fisher’s bid, said management should now improve its interactions with shareholders, focus on high-growth businesses and be disciplined about its investments. "Thermo Fisher is a disciplined acquirer with a strong track record of executing value-creating transactions. We remain extremely well-positioned to deliver on our proven growth strategy and continue to generate significant returns for our shareholders," Marc N. Casper, Thermo Fisher Scientific Chairman, President and CEO.