Abbott further extends tender for Alere’s convertible preferreds

New York, Sept. 1 – Abbott said it is again extending the tender off for the outstanding shares of series B convertible perpetual preferred stock issued by Alere Inc.

The new expiration date is 11:59 p.m. ET on Sept. 15, delayed from 11:59 p.m. ET on Aug. 31.

On Aug. 14, the offer was extended from 11:59 p.m. ET on Aug. 11.

As announced July 17, the offer is being made in connection with Abbott's plans to acquire Alere.

The tender offer is being extended to allow more time for closing the merger, which is a condition to the offer, according to a company announcement.

Holders had tendered more than 90% of the preferred stock by the previous expiration.

The purchase price will be $402.00 per preferred share plus accrued dividends up to but excluding the settlement date.

The merger is not conditioned upon closing of the offer.

The offer does not contain a financing condition but does require tenders for at least a majority of the voting power of the preferreds outstanding at the end of the offer.

Barclays (212 528-7581 or 800 438-3242) is the dealer manager. D.F. King & Co., Inc. (212 269-5550, 877 283-0316 or alr@dfking.com) is the information agent.

On Aug. 11 Alere provided the conversion terms under the planned buyout by Abbott of its series B convertible perpetual preferred stock.

Holders converting their preferreds in connection with the merger will receive $400 per preferred share plus accrued dividends, based on a conversion rate of 7.8431 shares assuming a market value of $51.00 per common share as of the merger closing.

Alere noted on Friday that the merger constitutes a fundamental change and a make-whole fundamental change.

Abbott is an Abbott Park, Ill., health care company with offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.

Alere is a provider of rapid diagnostic tests and is based in Waltham, Mass.

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