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LabCorp Further Extends Offer for Orchid Cellmark

By a GenomeWeb staff reporter

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.

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