Laboratory Corp. of America Holdings (LH) again extended its $84
million cash tender offer for Orchid Cellmark Inc. (ORCH), as the
medical-testing services provider continues to work through an
information request from the Federal Trade Commission.
In April, LabCorp said it would acquire DNA-testing services
company Orchid in a bid to strengthen its presence in the U.S. and
give it a foothold in Britain. It has twice previously extended its
tender offer for the company after receiving in May a request for
more information from the FTC.
On Monday, LabCorp said it is continuing to cooperate with the
FTC. The offer is now set to expire Aug. 12. LabCorp said as of 5
p.m. EDT Friday, stockholders had validly tendered roughly 87% of
Orchid's outstanding shares.
In its most recent results, LabCorp reported first-quarter
earnings fell 4.2% on higher costs, though core results beat
analyst expectations.
LabCorp shares closed at $95.73 Friday and were inactive in
premarket trade. The stock is up 8.9% since the start of the
year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com