NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that it has launched its cash tender offer to acquire all of the outstanding common shares of Orchid Cellmark.
The firms signed the merger agreement earlier this month, under which LabCorp will pay $2.80 per share to acquire all outstanding shares of Orchid including options. The total value of the deal is around $85.4 million.
The companies said the deal strengthens LabCorp's presence and brand name in identity testing in the US and establishes a presence in identity testing in the UK.
Orchid Cellmark's board has approved the agreement and plan of merger and has recommended that shareholders vote in favor of the acquisition.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on May 17, unless it is extended.