Daily Archive : Thursday September 1, 2016

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    In this Sunday, Aug. 28, 2016 photo, clay figures front role from right featuring Britain's Prime Minister Theresa May next to Chinese President Xi Jinping, and other G20 leaders made by a female artist Wu Xiaoli on display at a shop to mark the upcoming G20 Summit held in Hangzhou in east China's Zhejiang province. On her first visit to China as Britain's prime minister, Theresa May will try to reassure Beijing that she wants to strengthen ties despite her delay on a decision over whether to approve a Chinese-backed nuclear power plant in southwestern England. (Chinatopix via AP)

    Britain's May hopes to assure Chinese over nuclear plant

    On her first visit to China as Britain's new prime minister, Theresa May will seek to reassure Beijing that she wants to strengthen ties despite a delay on a decision over whether to approve a Chinese-backed nuclear power plant in southern England

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    Samsung delays phone shipment after battery explosion claims

    Samsung says it has delayed shipments of the Galaxy Note 7 for quality control testing

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    STEVE LUNDY/slundy@dailyherald.com Alere Inc. accused Libertyville Township-based Abbott Laboratories of seeking to scuttle the health-care companies’ $5.8 billion merger by failing to get antitrust clearance because of “buyer’s remorse,” according to a lawsuit.

    Alere says Abbott suffering from ‘buyer’s remorse’ over deal

    Alere Inc. accused Abbott Laboratories of seeking to scuttle the health-care companies’ $5.8 billion merger by failing to get antitrust clearance because of “buyer’s remorse,” according to a newly unsealed lawsuit.Abbott Chief Executive Officer Miles White vowed in a meeting with Alere’s top executives to spare no expense and make life a “living hell” for Alere and drown it in a “sea of forensic-level informational demands” if the deal weren’t terminated, according to the filing made public in Delaware Chancery Court.The complaint provides details in the months-long dispute over Libertyville Township-based Abbott’s takeover of Alere, designed to create the world’s largest medical-testing company. Alere’s stock, which has traded well under the $56-a-share offer for months during the standstill, fell further after the suit was filed Aug. 25.The suit is “nonsense” and has no merit, Abbott spokesman Scott Stoffel said in an interview. “Abbott is complying with its obligations under the merger agreement,” he said. Abbott lawyers also labeled Alere’s suit a “publicity stunt” in a court filing Wednesday.The deal, signed Jan. 30, ran into trouble after Alere delayed filing documents about its 2015 financial performance with securities regulators. Alere has since disclosed two U.S. probes into some of its businesses overseas and its billing practices in the U.S.Alere contends Abbott officials got cold feet about the takeover after agreeing to buy medical-device maker St. Jude Medical Inc. for $25 billion in April. That deal stretched Abbott’s financial limits, forcing the health-care company to “triple its debt load and likely lowering its credit rating,” according to the suit.To scuttle the deal, Abbott has subjected Alere to an “endless and steady stream of unreasonable and extremely burdensome requests for both documents and interviews of Alere personnel,” according to the complaint.In response to Abbott’s requests, Alere has provided nearly a million pages of documents and made 33 employees available to Abbott’s outside litigation counsel for adversarial interviews, the suit alleges. Still, it has found no breach of any aspect of the merger, Alere said.White, Abbott’s CEO, has offered Alere officials as much as $50 million to cover its legal costs in exchange for ripping up the contract. That proposal was rejected by Alere’s board earlier this year.

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    Co-developers Venture One Real Estate and CRG, the real estate development group of Clayco, hav begin construction on a 1 million-square-foot distribution center in University Park.

    Co-developers start construction on large University Park facility
    Co-developers Venture One Real Estate and CRG, the real estate development group of Clayco, broke ground on a 1 million-square-foot distribution center in University Park.

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    Dominican launches information management, informatics program
    Dominican University has launched a new master’s program for students interested in pursuing career opportunities in the burgeoning fields of information and data management and security.

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    First Secure acquires Morris bank from State Bank Group
    First Secure Community Bank said it will acquire the Morris banking office of The State Bank Group from Wonder Bancorp.

Life & Entertainment

Discuss

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    A community’s bitterness shows on a sign once honoring Fox Lake Police Lt. Joseph Gliniewicz but defaced after it was determined his death was a suicide.

    Editorial: Why we shouldn’t forget Gliniewicz case

    As Fox Lake moves forward one year after the Gliniewicz case, it’s nevertheless important to focus on lessons none of us should forget, a Daily Herald editorial says.

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    Burkini reveals more than it covers

    Columnist Georgie Anne Geyer: Is the wearing of the burkini a threat to France that should be nipped at the bud, or is it just another silly obsession of the French?

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    ‘The Trump’ and ‘the blacks’

    Columnist Kathleen Parker: When Donald Trump says he has a great relationship with “the Blacks,” I wonder if he also gets along well with the Smiths. We know he’s tight with the Whites.

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    Today’s Opinion Page editorial cartoon
    Today’s Daily Herald Opinion page editorial cartoon

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