Abbott, Alere Agree To Mediation For Troubled Merger
Abbott announced plans to purchase Alere in January, but the merger has so far been delayed by, Alere alleges, Abbott's foot-dragging. Abbott, meanwhile, points to federal investigations that have delayed Alere’s financial filings.
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A hearing in Alere’s court case to force Abbott to complete the merger has been set for Jan. 27. The hearing will only be held if the companies can’t complete the merger by that date. Delaware Chancery Court has also adopted Abbott’s proposed schedule for merger activities.
The move to sell Abbott Medical Optics unit comes in the midst of a significant portfolio overhaul by Abbott. The deal will put J&J in the ophthalmic surgery business.
Abbott's confidence in the planned $5.8b deal has declined since the acquisition was announced in January following disclosures of investigations into Alere's business practices. Alere hopes the suit will prod Abbott to speed its efforts to secure regulatory approvals for the merger.