LabCorp’s Sequenom Acquisition Clears Antitrust Review
News Aug 24, 2016
Laboratory Corporation of America® Holdings (LabCorp®) has announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or HSR Act, applicable to the acquisition of Sequenom, Inc. (“Sequenom”) by LabCorp has expired. As previously announced, LabCorp and Savoy Acquisition Corp., its direct wholly owned subsidiary (“Purchaser”), commenced a tender offer on August 9, 2016, for all of the outstanding shares of common stock of Sequenom, including the associated preferred stock purchase rights, for $2.40 net to the seller in cash, without interest thereon and subject to applicable withholding taxes.
The expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the pending acquisition. The tender offer and any withdrawal rights are scheduled to expire at 12:01 a.m., Eastern Time, on Wednesday, September 7, 2016, unless the tender offer is extended. Consummation of the tender offer remains subject to other customary closing conditions, including satisfaction of the minimum tender condition under the agreement and plan of merger entered into by LabCorp, Purchaser and Sequenom on July 26, 2016.
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