BURLINGTON, N.C.--(BUSINESS WIRE)--Jul. 13, 2012--
Laboratory Corporation of America® Holdings (NYSE: LH) today announced
that the Federal Trade Commission has granted early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 applicable to the acquisition of MEDTOX Scientific, Inc. (“MEDTOX”)
(NASDAQ: MTOX) by LabCorp.
Early termination of the waiting period satisfies one of the conditions
necessary to consummate the pending acquisition. The transaction remains
subject to other customary closing conditions set forth in the Agreement
and Plan of Merger, dated June 3, 2012, between LabCorp, MEDTOX and
Mercer Acquisition Corp., including approval by MEDTOX’s stockholders.
As previously announced, MEDTOX will hold a special stockholders meeting
on Tuesday, July 31, 2012, at 8 a.m., central time, at MEDTOX’s
headquarters, 402 West County Road D, St. Paul, Minnesota to consider
and vote on a proposal to approve the merger agreement and other related
matters. Assuming approval or waiver of all closing conditions, the
transaction is expected to close in the third quarter of 2012.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500 company, is a
pioneer in commercializing new diagnostic technologies and the first in
its industry to embrace genomic testing. With annual revenues of $5.5
billion in 2011, over 31,000 employees worldwide, and more than 220,000
clients, LabCorp offers more than 4,000 tests ranging from routine blood
analyses to reproductive genetics to companion diagnostics. LabCorp
furthers its scientific expertise and innovative clinical testing
technology through its LabCorp Specialty
Testing Group: The Center for Molecular Biology and Pathology, National
Genetics Institute, ViroMed Laboratories, Inc., The Center for Esoteric
Testing, Litholink Corporation, Integrated Genetics, Integrated
Oncology, DIANON Systems, Inc., Monogram Biosciences, Inc.,
Colorado Coagulation, and Endocrine Sciences. LabCorp conducts clinical
trials testing through its LabCorp Clinical Trials division. LabCorp
clients include physicians, government agencies, managed care
organizations, hospitals, clinical labs, and pharmaceutical companies.
To learn more about our organization, visit our Web site at: www.labcorp.com.
About MEDTOX
MEDTOX Scientific, Inc., headquartered in St. Paul, Minn., is a provider
of high quality specialized laboratory testing services and
on-site/point-of-collection testing (POCT) devices. The Company also
supports customers with complete logistics, data and program management
services. MEDTOX is a leader in providing esoteric laboratory testing
services to hospitals and laboratories nationwide. This includes both
central laboratory and bio-analytical testing for pharmaceutical
clinical trials. MEDTOX develops and manufactures diagnostic devices for
quick and economical on-site/point-of-collection analysis for
drugs-of-abuse and therapeutic drugs, and provides employment drug
screening and occupational health testing. For more information see www.medtox.com.
Additional Information about the Acquisition
On June 27, 2012, MEDTOX filed with the SEC a definitive proxy statement
in connection with the proposed acquisition, and shortly thereafter
commenced the mailing of the definitive proxy statement to the MEDTOX
stockholders of record as of the record date of June 27, 2012. The
definitive proxy statement contains important information about the
proposed transaction and related matters. SECURITY HOLDERS ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT CAREFULLY. The definitive proxy
statement and other relevant materials may be obtained free of charge at
the SEC’s website at www.sec.gov.
In addition, these documents can also be obtained by investors and
stockholders free of charge from MEDTOX upon written request to MEDTOX
Scientific, Inc., Attention: Investor Relations, 402 West County Road
D., St. Paul, MN 55112.
Forward Looking Statements
Investors are cautioned that statements in this press release that are
not strictly historical statements, constitute forward-looking
statements. These statements are based on current expectations,
forecasts and assumptions of LabCorp and MEDTOX that are subject to
risks and uncertainties that could cause actual outcomes and results to
differ materially from those statements. These risks and uncertainties
include, among others, the risk that MEDTOX stockholder approval may not
be obtained; the transaction may not close within the expected timeframe
or at all; the transaction may not achieve the anticipated strategic
benefits; customers, suppliers, employees or strategic partners may have
adverse reactions to the proposed transaction; the integration of MEDTOX
into LabCorp’s business subsequent to the closing of the transaction may
not be successful; as well as other factors detailed in LabCorp’s and
MEDTOX’s filings with the SEC, including LabCorp’s Annual Report on Form
10-K for the year ended December 31, 2011 and subsequent SEC filings,
and MEDTOX’S Annual Report on Form 10-K for the year ended December 31,
2011 and subsequent SEC filings.
Source: Laboratory Corporation of America(R) Holdings
Laboratory Corporation of America® Holdings
Investor/Media Contact:
Stephen
Anderson, 336-436-5274
Company Information: www.labcorp.com
