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Fly News Breaks for December 8, 2016
ABT, ALR
Dec 8, 2016 | 07:29 EDT
Canaccord analyst Mark Massaro noted Abbot (ABT) filed a lawsuit to terminate its acquisition of Alere (ALR), which sent the latter's stock below where it was prior to the original deal being struck. The analyst said the legal jurisdiction is in Delaware, which heavily favors Alere, who said they will take whatever actions are necessary to make Abbott complete the transaction. Alere is confident the deal will be completed at the agreed upon terms, with the company in a good position to have its Arriva Medical business reimbursement restored by the CMS, said Massaro, who raised his price target to $52 from $50 and reiterated his Buy rating on Alere shares.