January Court Date Set for Abbott, Alere Merger
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.
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Abbott has asked a Delaware court to cancel its agreement to buy Alere for $5.8bn based on a series of financial and regulatory missteps by Alere. Alere, which earlier sued to force the merger to go through, plans to fight the suit.
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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.