NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that it has successfully completed its cash tender offer for all outstanding shares of Orchid Cellmark.
It also announced the commencement of a subsequent offering period to expire on Dec. 15, 4:00 p.m. EST.
The initial offer period ended on Dec. 9, 5:00 p.m., and LabCorp has been advised by the depositary for the tender offer that as of the expiration of the initial offer period stockholders of Orchid had validly tendered 25,965,712 shares of the company's stock, including 67,735 shares tendered through notices of guaranteed delivery.
The shares represent 86.5 percent of Orchid's currently outstanding shares, and 86.3 percent, excluding shares tendered through notices of guaranteed delivery. All Orchid shares validly tendered have been accepted for payment in accordance with the terms of the tender offer, LabCorp said.
The company also commended a subsequent offering period so that Orchid shareholders who did not tender their shares during the initial offering period may do so with the same $2.80 per share price paid to Orchid shareholders during the initial offering period.