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Alere Says It Rejected Abbott's Request to End Acquisition

Alere Inc. said it rejected a request by Abbott Laboratories to terminate its $5.8 billion pending acquisition of the medical test maker, and that both companies are working toward fulfilling their obligations as part of the deal announced in February.

Abbott said it had "serious concerns" about the accuracy of financial information provided by Alere as part of the merger agreement, Alere said in a statement, without specifying when the issue was raised. Abbott, which yesterday announced its intent to purchase St. Jude Medical Inc., told Alere that its concerns related to the fact that the company failed to file its 10-K annual report with U.S. securities regulators.

Abbott wanted to pay Alere $30 million to $50 million, depending on Alere’s expenses related to the transaction, to end the agreement, the statement said. Alere’s board of directors "promptly rejected that request," the company said in its...