The company which pledged to remain in Dundee  as well as Oslo in 2008 has resisted the Alere takeover approach in a four month protracted takeover battle, now look likely to be yet another company acquired by overseas interests, as Borders group ProStrakan, was by Japan’s Kyowa Hakko Kirin in February.

"In light of their [Alere] current shareholding, sufficient shareholders accepting the offer by Alere over and above this revised acceptance condition, such that the number of Axis-Shield shares held in public hands falls below the UK Listing Authority's listing eligibility threshold of a free float of 25%, has increased materially.

"In the event that Axis-Shield's listing is cancelled, Axis-Shield shareholders who have not accepted the Revised Offer by its closure will own shares in an unlisted company controlled by Alere...and ... would no longer be provided the protections available to them under the Listing Rules; liquidity and marketability of Axis-Shield shares could be significantly adversely affected, and shareholders' ability to dispose of their Axis-Shield shares following closure of the Revised Offer be materially restricted.
 
"The Board considers the Offer to undervalue Axis-Shield fundamentally, but is now recommending shareholders accept the Offer, as they will now be doing in respect of their own beneficial shareholdings.

The timetable for the Offer to remain open for acceptances until 24 October 2011 at 1.00 p.m. (London time) (equivalent to 2.00 p.m. Oslo time).

Massachusetts-based Alere, has made some 60 acquisitions in the past seven years, raised its offer by 10p to 470p per share, valuing Axis-Shield at £235m – a 40% premium on the company’s value on the day before its initial approach on 7th June.

The Scottish-Norwegian company specialises in its fast-growing point-of-care diagnostic NycoCard and Afinion  tests for conditions including diabetes, rheumatoid arthritis and vitamin deficiency. It has also developed a lipid panel test, due to launch in Europe this year, to measure cholesterol levels as an indicator of cardiovascular disease as part of its tests.