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.
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"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.
