$ABT $ALR 10:57 am Alere & Abbott (ABT) agree to
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Posted On: 04/14/2017 2:25:53 PM
$ABT $ALR 10:57 am Alere & Abbott (ABT) agree to dismiss respective lawsuits, amend merger agreement; consideration for Alere lowered from $56/share in cash to $51/share in cash (ALR) :
Abbott (ABT) and Alere announced that the companies have agreed to amend the existing terms of their agreement for Abbott's acquisition of Alere. Under the amended terms, Abbott will pay $51 per common share to acquire Alere, for a new expected equity value of approximately $5.3 billion, reduced from the originally expected equity value of approximately $5.8 billion.
The transaction is expected to close by the end of the third quarter of 2017, subject to the approval of Alere shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
Under the amended terms, the date by which necessary regulatory approvals must be received has been extended to Sept. 30, 2017, from April 30, 2017. Additionally, the companies have agreed to dismiss their respective lawsuits.
Abbott (ABT) and Alere announced that the companies have agreed to amend the existing terms of their agreement for Abbott's acquisition of Alere. Under the amended terms, Abbott will pay $51 per common share to acquire Alere, for a new expected equity value of approximately $5.3 billion, reduced from the originally expected equity value of approximately $5.8 billion.
The transaction is expected to close by the end of the third quarter of 2017, subject to the approval of Alere shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
Under the amended terms, the date by which necessary regulatory approvals must be received has been extended to Sept. 30, 2017, from April 30, 2017. Additionally, the companies have agreed to dismiss their respective lawsuits.
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