Alere Responds To Letter From Former Executives
WALTHAM, Mass., Sept. 15, 2014 /PRNewswire/ -- Alere Inc. (NYSE: ALR) (the “Company” or “Alere”), a global leader in infectious disease, toxicology, cardiology and diabetes products and services, today confirmed that a group of former executives, led by former CEO Ron Zwanziger, filed a Schedule 13D with the Securities and Exchange Commission and subsequently sent a letter to Gregg J. Powers, Chairman of the Board, requesting one month of due diligence in an effort to secure financing to make a bona fide offer for the Company. See http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/MP4/FX-Alere-Inc-091514.pdf for a copy of the letter.
Gregg J. Powers, Chairman of the Board of Alere, commented, “As we indicated in our most recent earnings call, the Board is undertaking a comprehensive strategic review of Alere’s operations with the advice of an internationally recognized consulting firm. We possess market leading diagnostic technologies and are determining the best allocation of resources to drive growth and shareholder value. The Board believes that both near-term and long-term shareholder value can be enhanced materially through disciplined execution within the core business.”
The Company noted that the letter from the former executives does not identify the sources of any proposed financing or indicate that any of those sources is highly confident that the necessary financing will be available. Even though the letter was delivered by three former senior executive officers who led the company as recently as June, the letter indicates that any proposal is contingent upon first completing another month of due diligence.
Mr. Powers continued, “While Alere is concentrating on executing its business strategy, the directors are mindful of their obligations to shareholders and would of course give appropriate consideration to any bona fide proposal that would maximize shareholder value.”
JP Morgan Securities LLC is serving as financial advisor and Foley Hoag LLP is serving as legal advisor to Alere.
About Alere
Alere’s global leading rapid diagnostics products and services, as well as its new product development efforts, focus on infectious disease, cardiometabolic disease and toxicology. Alere is headquartered in Waltham, Massachusetts. For more information regarding Alere, please visit www.alere.com.
PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/MP4/FX-Alere-Inc-091514.pdf
SOURCE Alere Inc.
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