After a firm rejection of its buyout offer, Alere Inc. (NYSE:ALR) has started pleading to the sensibilities of Scottish competitor Axis-Sheild’s shareholders. This is not the first time the two firms have traded statements since Alere first offered its buyout in June.
In its latest love note, the Waltham, Mass.-based diagnostics firm emphasized the dangers for a standalone company in times of economic uncertainty and reminded shareholders that, "despite Alere’s interest in the company," no other bidders have publicly announced their interest.
"The board has been more than willing to engage with Alere if Alere were to put a proposal to the board that fairly reflected the fundamental value of Axis-Shield," said said Axis-Shield stakeholders in a prepared statement. "To date, no such proposal has been received from Alere."
"The company believes that Alere is making a highly opportunistic offer in order to try and acquire Axis-Shield on the cheap," added Axis-share.
After being rebuffed on an unsolicited $369 million acquisition offer in June, Alere bought up nearly 2.1 million more shares of Axis-Shield stock, bringing the Waltham, Mass.-based company’s total stake to about 3.2 million shares, or about 6.4 percent of Axis-Shield.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.