LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Alere Inc. (NYSE: ALR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ALR. The Company announced on July 07, 2017, that its shareholders have voted to approve the previously announced amended merger with Abbott Laboratories (NYSE: ABT). Under the final count of the voting results, the Company reported about 63 million of votes being cast at a special meeting, representing about 72.5% of all the outstanding shares of the company, as of May 31, 2017. The final vote results, according to Alere, will be filed on a Form 8-K with the SEC. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Initial Announcement

Prior to the announcement, on October 21, 2016, Alere, the leader in rapid diagnostic test, announced that its shareholders had voted to approve the announced merger with Abbott. Initially, about 98% of the votes cast were in favor of the merger, and this representing 77% of all outstanding Alere's shares as of August 24, 2016, record date. Post the close of the merger, according to the initial agreement, Alere's shareholders were entitled to receive $56 per common share in cash, while Alere would become a subsidiary of Abbott Labs.

The Amended Terms of Merger Agreement

On January 25, 2017, Alere announced that the European Commission has granted clearance for Abbott Labs to acquire the Company, according to the announcement made on February 01, 2016. However, on April 14, 2017, Abbott Labs and Alere announced the amendment of existing terms of the agreement for the acquisition of Alere. Under the amended terms, Abbott Labs agreed to pay $51 per common share to acquire Alere, for a new expected equity value of about $5.3 billion, reduced from the originally expected equity of about $5.8 billion.

Additionally, the Companies announced under the amended terms, the date by which necessary regulatory approvals must be received, was extended from April 30, 2017, to September 30, 2017. Also, the Companies agreed to dismiss their respective lawsuits and focus on leading the point of care testing market, which is currently the fastest growing in vitro Diagnostics segment. Under the amended merger agreement, Alere's shareholders are entitled to receive $51 per common share in cash and post the execution of the agreement, Alere will become a subsidiary of Abbott Labs.

Financial Stats

Alere announced on June 14, 2017, its Q1 FY17 results for the period ended March 31, 2017. The Company reported net revenues of $588 million in Q1 FY17 against $587 million in Q1 FY16. Alere observed its global influenza sales increase by 118% from $27 million Q1 FY16 to $59 million in Q1 FY17. The Company furnished $15 million worth of Arriva products and services in Q1 FY17 that were subject to the CMS revocation to customers but did not recognize any revenue from the sales, as they were not eligible for reimbursement by CMS at the time the Company furnished them. Alere reported that Q1 FY17 results strongly reflected the US sales growth, fuelled by record influenza and respiratory sales, where it achieved global sales of Alere Molecular worth $30 million in Q1 FY17.

Last Close Stock Review

Alere's share price finished yesterday's trading session at $50.33, slightly down 0.04%. A total volume of 719.64 thousand shares has exchanged hands. The Company's stock price surged 16.91% in the last three months, 27.06% in the past six months, and 26.52% in the previous twelve months. Additionally, the stock rallied 29.15% since the start of the year. The stock currently has a market cap of $4.40 billion.

At the closing bell, on Monday, July 10, 2017, Abbott Laboratories' stock marginally fell 0.43%, ending the trading session at $48.23. A total volume of 3.48 million shares has exchanged hands. The Company's stock price rallied 10.04% in the last three months, 18.27% in the past six months, and 15.13% in the previous twelve months. Moreover, the stock surged 25.57% since the start of the year. The stock is trading at a PE ratio of 53.53 and has a dividend yield of 2.20%. The stock currently has a market cap of $85.54 billion.

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