HALISTER: Abbott Files Suit to Terminate $5.8b Purchase of Alere

Abbott Files Suit to Terminate $5.8b Purchase of Alere

(Bloomberg) -- Abbott filed suit to terminate its $5.8b purchase of Alere, citing setbacks since the deal was signed in January that it says have significantly eroded the value of ALR.
  • Suit filed in Delaware Chancery Court
  • “Alere is no longer the company Abbott agreed to buy 10 months ago,” Abbott spokesman Scott Stoffel said in a statement. “These numerous negative developments are unprecedented and are not isolated incidents brought on by chance.”
  • ALR annual meeting Dec. 8
  • NOTE: Nov. 3, Abbott Sues Alere for Violating Terms of $5.8 Billion Buyout
    • Aug. 26, Alere Sues Abbott to Force Completion of $5.8 Billion Deal
  • NOTE: Nov. 4, Alere’s Arriva Unit Medicare Enrollment Will Be Revoked by CMS
  • NOTE: Nov. 7, Alere Downside Estimate Cut to $32-$37 in Deal Break: Jefferies
  • NOTE: Sept. 29, Abbott, Alere Stalled Takeover Fight May Be Heard in January
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ALR US (Alere Inc)
ABT US (Abbott Laboratories)

People
Scott Stoffel (Abbott Laboratories)

Topics
Delaware Chancery Court

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