Alere Inc. filed its annual report for 2016 on June 5 after delaying it earlier, and terminated previously announced consent solicitations related to its senior subordinated notes.
The diagnostic products and services company, which is being bought by Abbott Laboratories, had said in March it would be delaying the filing of its annual report on Form 10-K for 2016 because it was reviewing certain aspects of revenue recognition at its South Korean and Japanese locations.
Abbott had filed a lawsuit in December 2016 seeking termination of its $5.8 billion Alere acquisition citing, among other reasons, the company's delayed and reinstated financial statements. The companies amended their merger agreement in April, lowering the deal value to approximately $5.3 billion from $5.8 billion.
Alere also terminated the additional consent solicitations it had sought June 1 for its 6.500% senior subordinated notes due 2020, 6.375% senior subordinated notes due 2023 and 7.250% senior notes due 2018.
As the company had to delay filing its Form 10-K, Alere issued a statement May 1 seeking consent from the note holders to extend the deadline for delivering financial information and avoid any default that may occur. It issued another statement June 1 seeking consent from the note holders for more time if it was unable to file the Form 10-K by June 15.
But as Alere was able to file the Form 10-K by June 5, it terminated the additional consents it had sought June 1. It offered to pay a termination fee of $1 for each $1,000 principal amount of notes for which holders deliver a consent by June 7.