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Abbott seeks to abort planned acquisition of Alere
December 7, 2016 / 4:30 PM / a year ago

Abbott seeks to abort planned acquisition of Alere

Dec 7 (Reuters) - Abbott Laboratories said on Wednesday it had filed a complaint in the Delaware Court of Chancery to terminate its proposed acquisition of Alere Inc , citing a “substantial loss” in the value of the diagnostics company.

Abbott agreed earlier this year to buy Alere for $5.8 billion, giving it access to Alere’s diagnostic tests performed at home and in doctors’ offices and hospitals.

Alere has suffered a series of damaging business developments in the 10 months following the signing of the agreement, Abbott said. (Reporting by Natalie Grover in Bengaluru; Editing by Ted Kerr)

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