Axis-Shield rejects Alere's advances

Axis-Shield plc (LSE:ASD; OSE:ASD) said its board rejected an unsolicited takeover offer from fellow diagnostic company Alere Inc. (NYSE:ALR) for 460p per share in cash, or about L230 million ($370.6 million). The price is a 37% premium to Axis-Shield's close of 335p on Tuesday, before Axis-Shield disclosed the offer. The board said the offer undervalues Axis-Shield. Alere could not be reached for comment.

Axis-Shield gained 165p (49%) to 500p on Wednesday. On the Oslo Stock Exchange, the stock was up NOK14.30 (49%) to NOK43.50. JPMorgan is advising Axis-Shield. Alere was up $0.39 to $37.83. ...