NEW YORK (GenomeWeb News) – Laboratory Corporation of America has extended its tender offer to acquire all of the outstanding shares of Orchid Cellmark until 5:00 p.m., New York City time, on July 15, 2011.
The offer had been scheduled to expire on June 15. Last month, LabCorp received a request from the US Federal Trade Commission seeking additional information for its review of the $85.4 million acquisition.
LabCorp said today that it is cooperating with the FTC and as a consequence has extended the offer period. It said that as of 6:00 p.m. last night, Orchid shareholders had tendered around 26.5 million shares of common stock representing roughly 88 percent of the firm's outstanding stock.