Quest Diagnostics Spends $1.6 Bil. To Expand Presence In California, D.C.
This article was originally published in The Gray Sheet
Executive Summary
Quest Diagnostics will control 12% of the $3.8 bil. California lab testing market following the acquisition of Unilab Corp. The $1.1 bil. deal was announced April 2, one day after Quest completed its $500 mil. cash acquisition of Amercian Medical Labs (AML)
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Quest/Unilab
Diagnostic testing services firms complete merger Feb. 26 following an 11-month delay due to Federal Trade Commission concerns that the deal would lead to higher prices for clinical lab service customers in Northern California. A consent order with the agency requires that Quest divest assets worth $4.5 mil. to LabCorp - including leases for 46 patient services centers and four contracts with physician groups in Northern California. The $827 mil. cash and stock purchase of Unilab by Quest was first announced in April 2002 (1"The Gray Sheet" April 8, 2002, p. 19)...
Quest/Unilab
Diagnostic testing services firms complete merger Feb. 26 following an 11-month delay due to Federal Trade Commission concerns that the deal would lead to higher prices for clinical lab service customers in Northern California. A consent order with the agency requires that Quest divest assets worth $4.5 mil. to LabCorp - including leases for 46 patient services centers and four contracts with physician groups in Northern California. The $827 mil. cash and stock purchase of Unilab by Quest was first announced in April 2002 (1"The Gray Sheet" April 8, 2002, p. 19)...
Quest Diagnostics/Unilab
Lab testing firms remain committed to merger pact despite Federal Trade Commission antitrust concerns that will necessitate the divestiture of certain assets in northern California. Quest agreed to buy Unilab for about $1.1 bil. in cash and stock in April, but proposed changes would reduce the value of the deal by about $60 mil. Discussions are ongoing for a potential asset sale to a third party, amendment of the merger deal and extension of the merger expiration date to Jan. 31 (1"The Gray Sheet" April 8, 2002, p. 19)...