Laboratory Corp of America Holdings (LabCorp) and MEDTOX Scientific Inc, a provider of specialized laboratory testing services and on-site/point-of-collection testing (POCT) devices, have entered into a definitive merger agreement under which LabCorp would acquire MEDTOX for a purchase price of $27 per share in cash, representing a total enterprise value of approximately $241,000,000. The board of directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX’s shareholders.

The transaction is subject to customary closing conditions including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval by MEDTOX’s stockholders. The transaction is expected to close in the third quarter of 2012.

Source: Laboratory Corp of America Holdings