NEW YORK (360Dx) – Abbott today said that it is extending for a third time its previously announced cash tender offer to purchase all outstanding shares of Alere's Series B convertible perpetual preferred stock at a price of $402 per share.
The offer is being made in connection with Abbott's $5.3 billion acquisition of Alere. Alere shareholders approved the acquisition in July.
The tender offer is being extended to allow additional time for the consummation of the deal, Abbott said.
The offer had initially been scheduled to expire at 11:59 p.m. EDT on Aug 11, and was then extended until 11:59 p.m. EDT on Aug. 31 and later until 11:59 p.m. EDT on Sept. 15. It will now expire at 11:59 p.m. EDT on Sept. 29.
Abbott said that greater than 90 percent of the issued and outstanding shares of preferred stock had been tendered as of 11:59 p.m. EDT on Sept. 15.