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LabCorp Extends Offer for Monogram; Aims to Settle with Shareholders

NEW YORK (GenomeWeb News) – Laboratory Corporation of America has extended until the end of the day on Aug. 3 its previously announced cash tender offer to acquire all of the outstanding shares of common stock of Monogram Biosciences.

LabCorp announced its intention to acquire Monogram for $107 million last month, and the tender offer was set to expire at the end of the day on July 29.

The clinical lab giant said today that the extension of the offer was made to "allow for the public disclosure of amendments to LabCorp's offer to purchase and Schedule TO and Monogram's solicitation/recommendation statement on Schedule 14D-9 to reflect the settlement of certain legal proceedings."

LabCorp said that it and Monogram have agreed in principle to a settlement with shareholder plaintiffs in class action lawsuits filed in relation to its acquisition offer and merger terms. Following its announcement last month of the transaction, several law firms said that they would investigate Monogram Biosciences' board of directors for possible breach of fiduciary duty. Lawsuits were subsequently filed in the Court of Chancery of the State of Delaware and in the Superior Court of the State of California, San Mateo County, relating to the deal.

According to LabCorp, the settlements will not affect the $4.55 per share price agreed to at the time the merger was announced.