NEW YORK (GenomeWeb News) – Laboratory Corporation of America again is extending its bid to acquire Orchid Cellmark.
The company today announced that for the 10th time, it is extending the deadline for its cash tender offer for all outstanding shares of the common stock of Orchid to 5:00 p.m. EST, Dec. 9. The proposed $85.4 million deal had been previously extended to Nov. 30.
LabCorp continues to cooperate with the US Federal Trade Commission, which had requested additional information about the deal shortly after it was announced, LabCorp said.
The depositary for the tender offer has told the company that as of 5:00 p.m., Nov. 30, shareholders of Orchid had validly tendered and not withdrawn 26,463,575 shares of Orchid common stock, including 56,631 shares tendered through notices of guaranteed delivery. The shares tendered represent 88.2 percent of outstanding Orchid shares, or 88 percent excluding shares tendered through notices of guaranteed delivery.
On a fully diluted basis, the number of tendered shares represents 80.9 percent of outstanding Orchid shares, and 80.7 percent of outstanding shares excluding shares tendered through notices of guaranteed delivery.