Deals
Abbott and Alere Agree to Play Nice With $5.3 Billion Deal
- Abbott to pay $51 a share in cash versus original price of $56
- Acquirer had sued to break up its earlier takeover of Alere
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Abbott Laboratories agreed to consummate its troubled acquisition of Alere Inc. in a deal that values the medical test maker’s equity at $5.3 billion, shaving $500 million from the original price and ending months of legal maneuvering that appeared headed for a Delaware court.
Alere shareholders will get $51 a share in cash, according to a statement Friday. While the new price is an 8.9 percent cut from the deal announced in February 2016, it’s a 21 percent jump from the company’s closing price on Thursday. The two parties were slated to meet in Delaware Chancery Court next week to begin hearings on Abbott’s lawsuit to terminate the purchase.