Alere (ALR) Finally Agrees to Fork Over Documents to Abbott (ABT)
11/17/2016 6:57:24 AM
Alere shares rose yesterday after it agreed to give documents to Abbott, which is hoping to rescind its $6 billion offer to acquire the diagnostics company, covering probes into Alere’s dealings with 3rd-party distributors and foreign healthcare officials.
The companies have sued each other in a Delaware state court, with Abbott seeking to compel Alere to produce the documents and Alere seeking to force the deal to close. This week Alere agreed to cough up the documents; the companies revealed the settlement Nov. 15 in a hearing at the Delaware Chancery Court, according to news reports.
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