NEW YORK (GenomeWeb News) – Laboratory Corporation of America has extended its cash tender offer for Orchid Cellmark for the ninth time as it continues to address questions from regulators about the proposed $85.4 million deal.
Today, LabCorp said it has extended its cash tender offer to 5 p.m. Nov. 30, after its prior extension to Nov.14 expired. In a statement, the company said that continues to cooperate with the Federal Trade Commission's request for additional information.
Also, it said that in order to allow more time to complete the deal, LabCorp, its subsidiary, OCM Acquisition, and Orchid have amended their merger agreement to extend the Extended Outside Date of the offer by an additional 30 calendar days to Dec. 14.
The depositary for the tender offer has told LabCorp that as of 5 p.m. Nov. 14, shareholders of Orchid had validly tendered and not withdrawn 26,064,267 shares of the company's stock, or about 86.8 percent of Orchid's outstanding shares. On a fully diluted basis, the figure represents about 79.7 percent of Orchid shares.
There were no shares tendered through uncovered notices of guaranteed delivery.