NEW YORK (GenomeWeb News) – Laboratory Corporation of America today announced it has extended its $85.4 million bid for Orchid Cellmark to 5 p.m. EDT Nov. 4.
It is the seventh time the proposed deal, in which LabCorp will pay $2.80 for each share of Orchid stock, has been extended. It previously had been extended to Oct. 7.
LabCorp received a request from the US Federal Trade Commission in May for additional information about the purchase and continues to cooperate with the agency's request.
The depositary for the tender offer has told LabCorp that as of 5 p.m. Oct. 7 EDT, shareholders of Orchid had validly tendered and not withdrawn 26,224,903 shares of the company's common stock, including 61,080 shares tendered through notices of guaranteed delivery.
The shares tendered represent about 87.4 percent of all outstanding shares of Orchid, and about 87.2 percent excluding the shares tendered by notices of guaranteed delivery.
On a fully diluted basis, the tendered shares represent about 80.2 percent of all outstanding shares and 80 percent excluding shares tendered by notices of guaranteed delivery.