NEW YORK (GenomeWeb News) – Quest Diagnostics today extended its tender offer for Celera's shares to May 10, 5 p.m. EDT.
The offering, made in connection with Quest's $671 million purchase of Celera, is being made through Quest's wholly owned subsidiary, Spark Acquisition, and will not be extended further, Quest said.
Its initial tender offering for Celera expired last week and a subsequent offering was tendered and expired on Friday.
Quest said that more than 880,000 shares of Celera's common stock had been tendered during the subsequent tender offering and Spark has accepted for payment all tendered shares. Spark now owns nearly 52 million shares of Celera common stock, or about 62 percent of Celera's outstanding shares of common stock and 59 percent of Celera's outstanding shares on a fully diluted basis.
Quest will pay the same $8 per share consideration that was initially offered. Following the completion of the subsequent offering period, if Spark obtains 90 percent of more of Celera's outstanding shares, Quest will effect a short-form merger with Celera, and all remaining Celera shareholders will receive the same $8 per share price in cash.