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LabCorp Extends Tender Offer for Orchid Cellmark as FTC Requests More Information

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Laboratory Corporation of America said today it has extended its tender offer for Orchid Cellmark.

The tender offer was originally set to expire on Tuesday, but now will expire on June 1, 6 p.m. EDT.

The company also said that it has received a request from the US Federal Trade Commission for additional information concerning its $85.4 million purchase of Orchid.

As of May 17, 5 p.m., Orchid shareholders had tendered and not withdrawn more than 25.5 million shares of Orchid stock, including 138,764 shares tendered through notices of guaranteed delivery. The tendered shares represent about 85.1 percent of the outstanding shares of Orchid, and 84.6 percent, excluding the shares tendered by notices of guaranteed delivery.

LabCorp is paying $2.80 per share for Orchid's stock, under the terms of the deal announced last month. Less Orchid Cellmark's cash and cash equivalents, and available for sale securities as of Dec. 31, 2010, the price of the deal is worth about $65.6 million.

Last week, Orchid said that its first-quarter revenues increased 18 percent year over year.

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