Alere Sues To Compel Completion Of Abbott Merger
Abbott's confidence in the planned $5.8b deal has declined since the acquisition was announced in January following disclosures of investigations into Alere's business practices. Alere hopes the suit will prod Abbott to speed its efforts to secure regulatory approvals for the merger.
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The last month of 2016 saw a final flurry of medtech M&A activity as companies rushed to seal deals before the New Year arrived. Medtech Insight's M&A data tracker recorded twice as many deals in December compared to the previous month, but that was not enough to boost the year's tally, which fell behind 2015.
A hearing in Alere’s court case to force Abbott to complete the merger has been set for Jan. 27. The hearing will only be held if the companies can’t complete the merger by that date. Delaware Chancery Court has also adopted Abbott’s proposed schedule for merger activities.
Abbott announced plans to purchase Alere in January, but the merger has so far been delayed by, Alere alleges, Abbott's foot-dragging. Abbott, meanwhile, points to federal investigations that have delayed Alere’s financial filings.