Axis-Shield will de-list next month

ALERE, the US life-sciences giant, yesterday moved a step closer to buying Dundee-based medical testing kit maker Axis-Shield by applying for the Scottish firm’s shares to be de-listed.

The Massachusetts-based company already owns a 30 per cent stake in Axis-Shield and, by Friday, had received agreements from investors holding a further 51 per cent of its shares to sell their stakes.

The 81 per cent total takes Alere above the 75 per cent threshold needed to de-list Axis-Shield from the London and Oslo stock exchanges.

De-listing is expected to take place on 20 November. If the US firm reaches the 90 per cent mark, then it will push through a compulsory purchase of the remaining shares. Axis-Shield recommended Alere’s 470p a share offer earlier this month, valuing it at about £235 million.