NEW YORK (GenomeWeb News) – Quest Diagnostics today said that its proposed acquisition of Celera has cleared US antitrust review.
The firm said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired in connection with the deal, satisfying one of the conditions necessary to close the transaction.
Quest made the offer last month to acquire Celera for $8 per share. The total value of the deal is $671 million, or $344 million net of cash and short-term investments.
The firms said today that the offer is still scheduled to expire at 5:00 p.m., New York City time on April 25, unless it is extended. However, the deal has been challenged by certain shareholders, who believe the purchase price does not adequately value Celera's assets.