NEW YORK (GenomeWeb News) – Laboratory Corporation of America announced today that it has extended its tender offer for all of the outstanding shares of Orchid Cellmark until 6:00 p.m., New York City time, on June 15, 2011.
LabCorp announced its $85.4 million offer, or $2.80 per share, to acquire Orchid in April. Less Orchid Cellmark's cash and cash equivalents, and available for sale securities as of Dec. 31, 2010, the price of the deal is worth about $65.6 million.
A couple of weeks ago, LabCorp extended the offer to June 1, 6 p.m. EDT, after the US Federal Trade Commission requested additional information.
As of last night, Orchid shareholders had validly tendered, and not withdrawn, 24.7 million shares of Orchid common stock, including 199,438 shares of Orchid common stock tendered through notices of guaranteed delivery. The shares tendered represent around 82 percent of Orchid's outstanding stock.