LifeLabs To Drop $1.2B On Lab Testing Rival

Law360, New York (June 25, 2013, 1:57 PM EDT) -- Canadian laboratory testing company LifeLabs Medical Laboratory Services has agreed to buy rival CML HealthCare Inc. in a CA$1.22 billion (US$1.16 billion) deal aimed especially at expanding its footprint in Ontario, the companies announced Tuesday.

Under the terms of the deal, CML shareholders will receive CA$10.75 per share — a nearly 50 percent premium over the closing price Monday — for a total cash outlay by LifeLabs of about CA$965 million, with the company also agreeing to take on CML’s CA$255 million in outstanding debt, the...
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