The markets opened higher after yesterday's sell-off with the Dow adding 8 points to 8347 as bargain hunters snapped up deals. Nasdaq rose 7 points to 1773.
Laboratory Corp. of America Holdings (LH) announced the commencement of its cash tender offer for all outstanding shares of the common stock of Monogram Biosciences, Inc. (MGRM) for $4.55 per share. Under the terms of the agreement and plan of merger, LabCorp's acquisition subsidiary, Mastiff Acquisition Corp., has commenced a tender offer to purchase all the outstanding shares of Monogram Biosciences, Inc. for $4.55 per share in cash, without interest.
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The Board of Directors of Monogram Biosciences, Inc. has unanimously determined that the offer and the merger are fair to and in the best interests of Monogram and its stockholders, approved and declared as advisable the agreement and plan of merger and the other transactions contemplated thereby, including the tender offer, and recommended that the Monogram stockholders accept the offer, tender their shares in the offer and, if required by applicable law, adopt the agreement and plan of merger.
The tender offer and any withdrawal rights are scheduled to expire at 12:00 midnight, New York City Time, at the end of the day on Wednesday, July 29, 2009, unless the tender offer is extended.
Following the completion of the tender offer, LabCorp expects to merge Mastiff Acquisition Corp. and Monogram, resulting in any shares not purchased in the tender offer being converted into the right to receive the same cash price per share as paid in the tender offer. The closing of the acquisition is expected in the third quarter of 2009.
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