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Health and Healthcare

Merger Monday Heads to the Lab (MTOX, LH)

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By Jon C. Ogg Updated Published
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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

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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