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LabCorp's $85M Orchid Buy Extended

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today announced it is extending its cash tender offer to buy Orchid Cellmark until September 9 as it continues to cooperate with the Federal Trade Commission in a deal worth $85.4 million.

The two companies announced the deal in April, and in May LabCorp received a request from the FTC for additional information related to the acquisition. Today's announcement is the fifth extension of the deal. Most recently the deal had been extended to Aug. 12.

According to the depository for the tender offer, as of 5 p.m. Aug. 12, EDT, shareholders of Orchid had validly tendered and not withdrawn about 26.2 million shares of the company's common stock, including 333,385 shares of Orchid stock tendered through notices of guaranteed deliver, LabCorp said.

The shares tendered make up about 87.4 percent of outstanding shares of Orchid, and about 86.3 percent excluding the shares tendered by notices of guaranteed delivery.

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