NEW YORK (TheStreet) -- Shares of Abbott Laboratories (ABT) were edging down in midday trading on Friday as Alere (ALR) sued the medical device company alleging it failed to receive U.S. antitrust approval for their $5.8 billion merger, Bloomberg reports.
The Abbott Park, IL-based company did not "promptly secure antitrust approvals and other regulatory requirements," Alere said in a filing today in Delaware Chancery Court.
Abbott agreed to buy the company in January and has since attempted to get out of the deal. It has said Alere improperly withheld information that was needed to tie up the transaction, Bloomberg noted.
The deal values Alere stock at $56 per share.
In April, Abbott also agreed to acquire St. Jude Medical (STJ) for $25 billion. Yesterday, Muddy Waters revealed it was short St. Jude stock and attempted to disrupt the proposed deal.
Shares of Alere were sliding in mid-afternoon trading today.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on Abbott stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ABT