Reuters: Mergers News: UPDATE 1-LabCorp to buy rival Medtox for $245 mln

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UPDATE 1-LabCorp to buy rival Medtox for $245 mln Jun 4th 2012, 13:37 June 4 | Mon Jun 4, 2012 9:37am EDT June 4 (Reuters) - Lab-testing company Laboratory Corp of America Holdings will buy smaller rival Medtox Scientific Inc for $27 a share, or about $245 million, in cash. The deal, which represents a premium of 37 percent over Medtox's Friday close of $19.70, has been approved by the boards of both companies and is expected to close in the third quarter of 2012. "This acquisition provides a strong foundation for growth in (the specialized toxicology testing) business, as we build and expand LabCorp's toxicology center of excellence," Laboratory Corp's CEO David King said in a statement. LabCorp shares were trading at $82.80 in early morning trade Monday on the New York Stock Exchange.

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