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Alere shares drop 8% after Abbott seeks to end its planned acquisition

December 8, 2016

Via: CNBC
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Abbott Laboratories said on Wednesday that it had moved to terminate its proposed acquisition of Alere, citing a “substantial loss” in the value of the diagnostics company since they struck a deal 10 months back.

Alere’s shares tumbled 8 percent, ending the day at $36.67, compared with Abbott’s offer of $56 per share. Abbott’s shares were up 0.16 percent, ending the day at $38.48.

Abbott filed a complaint in the Delaware Court of Chancery to kill the deal it struck with Alere in late January, worth $5.8 billion at the time.

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