Abbott, Alere Amend Terms of Merger Agreement

Abbott (NYSE: ABT) (No. 14 on the DiversityInc Top 50 Companies list) and Alere Inc. (NYSE: ALR) announced today 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.

On Feb. 1, 2016, Abbott and Alere announced a definitive agreement for Abbott to acquire Alere, the global leader in point of care diagnostics, which will significantly expand Abbott’s global diagnostics presence and leadership.

Point of care testing is a $5.5 billion segment and one of the fastest growing in vitro diagnostics segments, in part because many health care systems are increasing their reliance on these technologies to inform patient care decisions because of their ease of use, speed and accuracy.

Latest News

Trump commission attempts racist whitewashing of history

Trump Commission Attempts Racist Whitewashing of History; Colorado Rep. Lauren Boebert Probed for Potential Role in Capitol Insurrection; and More

Trump commission’s “1776 Report” attempts racist whitewashing of history In the highly controversial “1776 Report” released by the Trump administration yesterday, the outgoing GOP party doesn’t just try to present a nonpartisan, “patriotic” look at the nation’s history (as the President had promised the report would do) it fully rewrites…

Flint, Michigan water plant

Ex-Michigan Governor Charged for Racist Lead Poisoning of Flint Water Supply; COVID-19 Vaccines Not Increasing in Availability; Democrats Plan to Repeal Trump Rules; and More

Former Michigan Governor formally charged for poisoning thousands of predominantly Black Flint citizens with water containing lead. In 2014, when the city of Flint was forced by the state to begin taking its water supply from the Flint river rather than using water from nearby Detroit as it had for…

NYPD under suit

NYPD Sued for Years of Racial Abuse and Use of Excessive Force; Trump Administration Approves Discrimination Against LGBTQ individuals; and More

NYPD sued by Attorney General for years of racial abuse and use of excessive force. In what’s been called a “landmark lawsuit,” The New York Times has reported that New York state Attorney General Letitia James is suing the city of New York, the mayor and the NYPD’s leaders, alleging…

NBCUniversal News Group Launches NBCU Academy, Offering Training to Universities and Community Colleges

NBCUniversal News Group launched NBCU Academy, a new, innovative, multiplatform journalism training and development program for four-year university and community college students through education, on-campus training and online programming. Originally published on corporate.comcast.com. The initiative includes a curated onsite curriculum for hands-on learning experience with world-class NBCU News Group journalists,…

Kaiser

Kaiser Permanente: Committing $8.15M for Racial Equity

Originally published on about.kaiserpermanente.org. Grants to grassroots and nonprofit organizations will help address structural racism and practices that prevent communities of color from achieving good health and well-being. Kaiser Permanente (DiversityInc Hall of Fame), the nation’s largest integrated, nonprofit health system, has awarded $8.15 million to support dozens of nonprofit…

Toyota Research Institute and Stanford University’s Dynamic Design Lab Study How to Improve Automotive Safety

Originally published on pressroom.toyota.com. Inspired by the Skills of Professional Drift Drivers, Research Seeks to Combine the Technology of Vehicle Automation with Artificial Intelligence Algorithms What if every driver who ran into trouble had the instinctive reflexes of a professional race car driver and the calculated foresight of a supercomputer…