ARTICLE | Finance

Axis hoists its shield

Diagnostic play Axis-Shield rejects Alere takeover bid as undervalued

July 11, 2011 7:00 AM UTC

Diagnostic company Alere Inc. (NYSE:ALR) has been busy building its top line through acquisitions of its smaller brethren, but Axis-Shield plc (LSE:ASD; OSE:ASD) publicly rebuffed Alere's overtures last week.

The U.K. company said its board rejected Alere's unsolicited takeover offer of 460p per share in cash, or about £230 million ($370.6 million). The price is a 37% premium to the stock's close of 335p last Tuesday, before Axis-Shield disclosed the offer...