Alere’s ‘disappointment’ at Axis silence

AMERICAN life sciences giant Alere yesterday said it was “disappointed” neither the board nor advisers of Dundee-based medical testing kit maker Axis-Shield had held discussions with it since it took its £230 million takeover bid hostile in July.

Shares in Axis-Shield fell 6.5p to 458.25p last night amid the wider market sell-off, against Alere’s 460p offer price. The US firm said: “Alere will remain financially disciplined and will only pursue acquisitions that would provide an appropriate return to its own shareholders. In the absence of an offer, Alere believes there is a strong possibility Axis-Shield’s share price would fall significantly below its current price.”

Analysts had previously said that a bid of up to 580p – valuing the firm at about £295m – would be “a more-reasonable value”.

Axis-Shield shareholders have until 10 October to consider the offer. John Brown, the firm’s chairman, last night said: “The board continues to believe Alere’s offer is opportunistic and wholly inadequate and this announcement from Alere is a clear attempt to unsettle shareholders during a time of volatility in world stock markets.”