Alere continues pursuit of Axis-Shield with shareholder offer
This article was originally published in Clinica
In its latest effort to takeover Axis-Shield, Alere has posted an offer document to the company's shareholders. As before, the diagnostics giant is offering 460p per share, which values Axis-Shield at £230m ($375m) in total. In response, Axis-Shield's board, which has already twice rebuffed Alere, issued a statement maintaining that the bid fundamentally undervalues the company and its future prospects. The company said it will write to shareholders setting out its position on Alere's offer by 25 August. Alere has been steadily building its stake in the Anglo-Nordic IVD firm in a bid to put pressure on Axis-Shield's board to agree to a takeover. Alere currently holds 9.09% of the company, making it the second-biggest shareholder after Legal and General (www.clinica.co.uk, 10 August 2011).