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Quest Commences Offer for Celera

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Quest Diagnostics today said that it has commenced its tender offer to acquire Celera for $8 per share.

The offer is being made through Quest's wholly owned subsidiary, Spark Acquisition Corp., and will expire on April 25 at 5:00 pm New York City time. The offer is subject to customary conditions, including the tender of a majority of Celera's outstanding shares and certain regulatory approvals.

Quest launched its acquisition offer nearly two weeks ago. The Madison, NJ-based lab giant would pay a total consideration of around $671 million, which includes $327 million in cash and short-term investments held by Celera.

Last week, the New Orleans Employees Retirement System filed a lawsuit against Celera, alleging its plan to sell the company to Quest for $671 million undervalues the company.