Alere and Abbott Laboratories told a judge they’re willing to let a mediator review a dispute over antitrust clearance for their stalled $5.8 billion merger.
The mediation would focus on Alere’s claims that Abbott executives are dragging their feet in securing required regulatory approvals for the combination of the two medical-testing firms.
The out-of-court mediation won’t address all disputes between the companies. Alere contends Abbott is seeking to unfairly back out of the deal while Abbott says its acquisition target has withheld information about federal bribery probes.
“It is imperative that mediation occur immediately” to resolve questions about whether Abbott’s efforts to win regulatory clearance from US and foreign regulators violated the deal’s terms, Alere said in a letter filed Wednesday in Delaware Chancery Court.
Officials of Waltham, Massachusetts-based Alere and Abbott Park, Illinois-based Abbott declined Wednesday to comment beyond the letters on the agreement to mediate the antitrust dispute they submitted to Judge Sam Glasscock.
The proposed purchase, signed Jan. 30, ran into trouble after Alere delayed filing documents about its 2015 financial performance with securities regulators. That prompted Abbott to accuse Alere of failing to meet disclosure requirements under the merger agreement. Alere has since disclosed two US probes into some of its businesses overseas and its billing practices in the US.
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Andrew Finch, a prominent figure in U.S. antitrust law and former top official at the Justice Department during the first Donald Trump administration, has made the move to Cravath, Swaine & Moore from rival firm Paul, Weiss, Rifkind, Wharton & Garrison. Finch, who most recently co-chaired the antitrust practice at Paul Weiss, is set to join Cravath’s litigation department as a partner in New York.
According to Reuters, Finch’s tenure at the Justice Department, where he served as principal deputy assistant attorney general and acting assistant attorney general in the antitrust division between 2017 and 2019, underscores his expertise in the field. His work in government, alongside his clients at Paul Weiss, including Spirit Airlines, Uber, and Mastercard, makes him a valuable addition to Cravath’s team. At Cravath, Finch will focus on advising clients on antitrust investigations, litigation, and merger reviews, according to the firm’s announcement.
In a statement, Faiza Saeed, Cravath’s presiding partner, highlighted Finch’s credentials, noting that his experience “will be invaluable to our clients as they navigate an increasingly complex regulatory environment.” Saeed’s comments reflect the growing demand for expert guidance in the fast-evolving antitrust landscape.
The news of Finch’s departure from Paul Weiss comes just after the inauguration of President Donald Trump for his second term, a timing that adds another layer of significance to the move. A Paul Weiss spokesperson expressed well wishes to Finch, acknowledging his contributions to the firm.
Cravath’s decision to bring Finch aboard is part of a broader trend where the firm, historically known for promoting from within, has increasingly looked outside for top-tier talent. In recent years, Cravath has recruited several former government officials, including a trio of regulatory experts in 2022 to open a new office in Washington, D.C. This follows the 2022 hire of Noah Phillips, a former commissioner at the U.S. Federal Trade Commission during the Trump administration, who now co-chairs Cravath’s antitrust practice alongside Christine Varney, a former U.S. assistant attorney general for antitrust under the Obama administration.
Source: Reuters
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