China Approves Abbott's (ABT) Acquisition of Alere (ALR)

October 20, 2016 11:19 AM EDT

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Alere Inc. (NYSE: ALR), a global leader in rapid diagnostics announced that it has received notification from the Ministry of Commerce of the People's Republic of China (PRC) that after completing its review of the proposed acquisition the PRC has decided not to prohibit the acquisition of Alere Inc. by Abbott Laboratories (NYSE: ABT).

Namal Nawana, CEO and President of Alere, said, "We are very pleased by this decision and remain confident that the merger will proceed according to the terms of the agreement."

As previously announced on February 1, 2016, Alere has entered into a definitive agreement under which Abbott will acquire Alere for $56 per common share in cash.

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