NEW YORK (GenomeWeb News) – Laboratory Corporation of America today extended its cash tender offer for Orchid Cellmark to Aug. 12, 5 p.m. EDT.
The extension is the fourth as the US Federal Trade Commission seeks additional information about the deal. The $85.4 million deal was originally announced in April and was expected to close in the second quarter.
According to a depository for the tender offer, as of July 15, 5 p.m. EDT, Orchid shareholders had validly tendered and not withdrawn more than 26 million shares of the company's common shares, including 54,980 shares tendered through notices of guaranteed delivery. That represents about 86.8 percent of all outstanding shares of Orchid, and about 86.6 percent excluding the shares tendered by notices of guaranteed delivery.
On a fully diluted basis, the shares tendered represent 79.6 percent of all outstanding shares of Orchid, and 79.4 percent of the company's shares not including shares tendered by notices of guaranteed delivery.