Merger and acquisition news has been a bit light of late, but there is at least one deal out there this Monday for M&A watchers to chew over. MEDTOX Scientific, Inc. (NASDAQ: MTOX) has entered into a definitive merger agreement with Laboratory Corporation of America Holdings (NYSE: LH).
LabCorp will be acquiring MEDTOX in a premium buyout that values the company at a share price not seen since briefly in 2007. The purchase price is at $27.00 per share and the merger is an all cash deal. It will also give MEDTOX A total enterprise value of approximately $241,000,000 after considering equity and debt.
MEDTOX is a provider of high quality specialized lab testing services and on-site/point-of-collection testing devices. The board of directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX’s shareholders.
Shares are up 35% at $26.71 for MEDTOX versus a prior 52-week trading range of $11.64 to $22.55; Laboratory Corp. of America Holdings (NYSE: LH) shares are up 0.9% at $83.07 against a 52-week range of $74.57 to $99.76. As far as how the value compares, LabCorp has a market value of some $8 billion.
JON C. OGG
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
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It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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