The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators handle the most complex and demanding lawsuits, class actions, government investigations, criminal prosecutions and restructurings. Our clients include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. Every day, we are called on by chief executives, board chairs, general counsel, investors and entrepreneurs for our unmatched trial skills, sophisticated business judgment and renowned strategic advice.
Alere and Abbott Amend Terms of Merger Agreement
- Client News
- April 14, 2017
As widely reported in the financial press, Paul, Weiss client Alere, Inc. settled its hard-fought merger battle with Abbott Labs. Abbott had agreed to buy Alere, a medical device and point-of-care testing company, in January 2016 for $56 a share--a 50 percent premium over market. Three months later, Abbott decided it wanted out of the deal, triggering a year-long fight over whether Abbott would be forced to consummate the transaction. Last December, Abbott sued Alere in Delaware Chancery Court, arguing that multiple events since the deal was signed had materially devalued Alere and permitted Abbott to cancel the transaction on material adverse change grounds. Kirkland & and Ellis and Wachtell Lipton represented Abbott. The court ordered expedited discovery and an April 21 trial. On April 14, a week before trial, the parties announced a settlement in which Abbott agreed to proceed with the transaction at a price reduced from $56 to $51 a share.
The Paul, Weiss litigation team was led by partners Bruce Birenboim, Andrew Gordon, Audra Soloway and Jaren Janghorbani, with invaluable assistance from partners Richard Rosen, Jane O’Brien and Stephen Lamb, and included counsel Harris Fischman and Daniel Mason. The corporate team was led by partners Scott Barshay and Ross Fieldston, and included partner John Kennedy.