Laboratory Corporation of America Holdings (LabCorp) (LH) Extends Tender Offer for All Outstanding Shares of Orchid Cellmark (ORCH)
6/16/2011 8:10:02 AM
BURLINGTON, N.C.--(BUSINESS WIRE)--Laboratory Corporation of America® Holdings (NYSE: LH) today announced that LabCorp is extending until 5:00 p.m., New York City time, on July 15, 2011, LabCorp’s previously announced cash tender offer for all outstanding shares of the common stock of Orchid Cellmark Inc. (NASDAQ: ORCH). On May 17, 2011, LabCorp received a request from the Federal Trade Commission, or the FTC, for additional information under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the acquisition of Orchid by LabCorp. LabCorp previously extended its tender offer to June 15, 2011. LabCorp is continuing to cooperate with the FTC’s request for additional information and is consequently further extending the expiration of the tender offer. To eliminate the need for repeated short-term extensions of the tender offer while the parties respond to the FTC’s request for additional information, LabCorp, OCM Acquisition Corp. and Orchid recently amended their previously announced merger agreement to increase the length of a tender offer extension period from no more than 10 business days to no more than 30 calendar days.