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Fly News Breaks for April 29, 2016
ABT, ALR
Apr 29, 2016 | 08:17 EDT
Canaccord noted that Alere (ALR) denied Abbott's (ABT) request to terminate its merger after Abbot expressed serious concerns about the accuracy of various representations, warranties, and covenants made in their merger agreement. Alere stated there was no basis for a termination and Abbott affirmed its commitment to abide by its obligations, but Canaccord now sees a higher possibility of the deal breaking up altogether. Canaccord maintained its Hold rating and lowered its price target on $44 from $46 on Alere shares.
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