NEW YORK (GenomeWeb) – Alere late Friday said that its shareholders approved the company's amended merger with Abbott.
About 63 million votes were in favor of the deal, representing more than 72.5 percent of all outstanding Alere shares as of the May 31 record date, the company said. Upon completion of the deal, Alere shareholders will receive $51 per share in cash.
The amended deal was announced in April, following efforts by Abbott to pull out of an original merger deal proposed in February 2016. The amended acquisition has a price tag of about $5.3 billion, down from $5.8 billion under the original deal.
Alere will become a subsidiary of Abbott upon the closing of the deal.