Abbott Negotiates New Price for Alere at $51; We've Raised Our FVE
Abbott Laboratories has agreed to purchase no-moat Alere for $5.3 billion, or $51 per share, a slight reduction from the original $5.8 billion price tag. We’re boosting our fair value estimate to reflect the new price, as we think the deal is likely to close at the lower price. We think the $51 offer remains at a significant premium to our $35 stand-alone fair value estimate for Alere, but both firms may be tired of dragging out this situation. This announcement comes at the end of a tumultuous ...
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