Alere (ALR) Receives Shareholder Support for Proposed Abbott (ABT) Merger

October 21, 2016 9:49 AM EDT

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Alere Inc. (NYSE: ALR) announced that its shareholders have voted to approve the previously announced merger with Abbott. In a final count of the voting results, over 98% of votes cast at a special meeting voted in favor of the merger, representing 77% of all outstanding Alere shares as of the August 26, 2016 record date. The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission.

"The overwhelming support we received from our shareholders today is recognition of the significant value that the combination of Alere and Abbott unlocks for our global customers, employees and shareholders," said Namal Nawana, President and CEO of Alere.

Upon closing of the merger, Alere shareholders will receive $56 per common share in cash, and Alere will become a subsidiary of Abbott. The transaction remains subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.

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