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LabCorp's Acquisition of Sequenom Passes Antitrust Review

NEW YORK (GenomeWeb) – Laboratory Corporation of America said today that its pending acquisition of Sequenom has passed antitrust review.

Expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 satisfies one of the conditions needed to complete the acquisition.

In July, LabCorp said it planned to acquire Sequenom for $302 million in cash, or $2.40 per share, in a deal it expected to close by the end of the year.

To complete the deal, LabCorp and Sequenom will need to satisfy other closing requirements, including meeting the obligations of a minimum tender condition.

LabCorp initiated a tender offer on August 9 through Savoy Acquisition, its direct wholly owned subsidiary. Unless the timeline is extended, the offer and withdrawal rights will expire at 12:01 am Eastern time, on Wednesday, Sept. 7.