Abbott acquisition of Alere to proceed, but at reduced price
More than a year after the original acquisition bid was announced, and months of acrimonious legal wrangling, USA-based Abbott (NYSE: ABT) is to proceed with the purchase of Alere (NYSE: ALR), but on revised terms.
Under the amended terms, Abbott will pay $51 per common share (versus the earlier $56) to acquire Alere, for a new expected equity value of around $5.3 billion, reduced from the originally expected equity value of about $5.8 billion.
Alere’s share price closed at $42.31 on Thursday, ahead of today’s formal joint announcement by Abbott and Alere.
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