Covance shareholders sign off on LabCorp merger
More than 99 percent of votes cast at the special meeting were in favor of the transaction, representing more than 78 percent of all outstanding Covance shares.
Under the terms of the agreement, Covance stockholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own. The transaction, which is expected to close Thursday, remains subject to the satisfaction of the closing conditions set forth in the merger agreement.
The closing of the deal follows the success of the companies in settling a lawsuit last week that questioned Goldman Sachs’ involvement in the deal and others related to Covance. Earlier this month Covance also revealed revenue growth and a strong book-to-bill ratio, both of which are encouraging signs for LabCorp, according to an analyst.
