NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said it has completed its $85.4 million buy of Orchid Cellmark.
As of 4 p.m., EST, Dec. 15, the expiration of a subsequent offering period, stockholders of Orchid had tendered an additional 217,184 shares of Orchid's common stock during the subsequent offering period, the depositary for the tender offer advised LabCorp. The number of shares acquired during this period combined with the number of shares accepted for payment during the initial offering period represents an aggregate of 87.2 percent of Orchid's currently outstanding shares.
Orchid is now a subsidiary of LabCorp and its shares will stop trading on Nasdaq.
The deal was announced in April but was delayed several times as the US Federal Trade Commission requested additional information.
In early morning trading, shares of LabCorp on the New York Stock Exchange were up 1 percent to $82.27.