Law360, New York (May 04, 2011, 2:07 PM ET) -- Laboratory Corp. of America Holdings’ plan to buy DNA testing company Orchid Cellmark Inc. for $85 million spurred a shareholder class action in New Jersey on Monday claiming the expedited deal is grossly undervalued.
The disgruntled investor alleges the Orchid board fast-tracked the sale without trying to attain a competitive price for public shareholders, who would otherwise prosper as Orchid continues to expand in the United Kingdom and the U.S., according to the complaint.
While the proposed deal provides shareholders with a $2.80 buyout price, Orchid’s...
Investor Tries To Stop LabCorp's $85M Orchid Buyout
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