Jul 17, 2021 Enzymes


Axis-shield AS is located in OSLO, OSLO, Norway, and is part of the Scientific Research and Development Services Industry. Axis-shield AS generates $30.71 billion in sales (USD). There are 26 companies in the Axis-shield AS corporate family.

The move came after Alere sweetened its original offer for the Dundee-based company after a three-month battle.

Axis-Shield said it would recommend that shareholders accept the 470p per share bid, which is about 2% higher than Alere’s initial offer.

Its shares, which have climbed by about 34% since Alere first pitched its offer in July, rose by 4% early on Thursday.

The revised offer values the company at £235m.

Last week, Alere raised its stake in Axis-Shield to 30% – the most it could buy in the open market – and lowered its acceptance threshold from 90% to 50%.

In a stock market statement, Axis-Shield said it still considered the offer “fundamentally” undervalued the company, adding that it expected Alere’s revised acceptance condition to be met against a “volatile economic and market backdrop”.

Axis-Shield makes a medical testing product for diabetes, branded Afinion, and another product for rheumatoid arthritis.

It is understood Alere wants Axis-Shield primarily for its point-of-care technology, which provides immediate, portable, and convenient diagnostics.

In July, Axis-Shield rejected a £230m approach from Alere, which then took the 460p offer directly to Axis-Shield’s shareholders in August.

Both companies have now agreed to extend the timetable for the revised offer so that it remains open for acceptance until 24 October.

Leave a Reply

Your email address will not be published.