BURLINGTON, N.C. – LabCorp (NYSE: LH) is extending its offering to buy shares of DNA testing firm Orchid Cellmark (Nasdaq: ORCH) after the Federal Trade Commission rasied questions about the proposed $85.4 million deal.
In a statement issued before the markets opened Wednesday, LabCorp said the FTC had asked for “additional information” about the deal.
As a result, LabCorp said it had extended its offer for Orchid shares to June 1. The tender had been set to expire on May 17, the day the FTC request was received.
According to LabCorp, some 85 percent of Orchid’s shares had already been tendered.
The deal was announced on April 7.
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