Alere Inc. and Abbott Laboratories told a judge they’re willing to let a mediator review a dispute over antitrust clearance for their stalled $5.8 billion merger.
The mediation would focus on Alere’s contention that Abbott executives are dragging their feet in securing required regulatory approvals for the combination of the two medical-testing firms.
The out-of-court mediation won’t address all disputes between the companies. Alere says Abbott is seeking to unfairly back out of the deal while Abbott says its acquisition target has withheld information about federal bribery probes.
“It is imperative that mediation occur immediately” to resolve questions about whether Abbott’s efforts to win regulatory clearance from US and foreign regulators violated the deal’s terms, Alere said in a letter filed Wednesday in Delaware Chancery Court.
Officials of Waltham-based Alere and Abbott Park, Ill.-based Abbott declined Wednesday to comment beyond the letters on the agreement to mediate the antitrust dispute they submitted to Judge Sam Glasscock.
The proposed purchase, signed Jan. 30, ran into trouble after Alere delayed filing documents about its 2015 financial performance with securities regulators. That prompted Abbott to accuse Alere of failing to meet disclosure requirements under the merger agreement. Alere has since disclosed two US probes into some of its businesses overseas and its billing practices in the United States.
Abbott also contends that Alere didn’t turn over information about the company’s foreign operations that are facing bribery probes. Federal prosecutors have issued grand-jury subpoenas for information about Alere’s operations in Asia, Africa, and Latin America.
Alere, on the other hand, contends Abbott officials got cold feet about the takeover after agreeing to buy medical-device maker St. Jude Medical Inc. for $25 billion in April.
Closing both deals would stretch Abbott’s financial limits, forcing the company to issue more equity and triple “its debt load, which will likely lower its credit rating,” Alere contends in court papers.
New legislation would remove limits on the share of green cards that can be allotted to workers each year from any one country, reviving an issue that has divided thousands of skilled foreign workers.Continue reading »
Samuels & Associates’ participation could help move forward stalled plans to build 656 apartments and condos.Continue reading »
Manager Joe Bancewicz is readying for next month’s opening of a state-of-the-art facility at the storied cemetery.Continue reading »
New Hampshire’s Owen Simoes is among a growing class of “kidtrepreneurs” who design websites, sell goods, and manage social media accounts.Continue reading »
The Merrimack Valley disaster could give locked-out union workers leverage over a company that doesn’t want to risk a catastrophe of its own.Continue reading »
The decision by GFA Federal Credit Union means consumers should be able to pay for pot with plastic.Continue reading »
It’s where employees and guests go to learn and create in Cambridge.Continue reading »
Check out the 25 organizations with 1,000 or more employees that made the Globe’s list of top workplaces.Continue reading »
The little-known company, a comparison shopping site for auto insurance, looks almost nothing like a hot consumer technology firm.Continue reading »