Covance shareholders sign off on LabCorp merger

By Zachary Brennan contact

- Last updated on GMT

Covance shareholders sign off on LabCorp merger

Related tags: Stock market, Covance

CRO Covance's stockholders voted Wednesday to adopt the previously announced $6.1bn merger agreement providing for the acquisition of Covance by LabCorp at the special meeting of Covance stockholders. 

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.

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