Celera Corp. will settle four shareholder lawsuits filed after Quest Diagnostics Inc. said it would buy the Alameda medical test developer for $344 million.
Meanwhile, Celera and Quest (NYSE: DGX) agreed to lower the deal’s termination fee to $15.6 million from $23.45 million, and Quest said it will extend its $8 per share offer until 5 p.m. (Eastern time) on May 2.
Showing posts with label Starboard. Show all posts
Showing posts with label Starboard. Show all posts
Monday, April 18, 2011
Friday, April 8, 2011
Big Celera shareholders line up against Quest deal
Two Celera Corp. shareholders do not support the company’s planned $344 million acquisition by Quest Diagnostics Inc. and say the companies need to renegotiate the deal.
Starboard Value & Opportunity Fund and Biotechnology Value Fund LP said in separate letters to Alameda-based genetic test developer Celera (NASDAQ: CRA) and Quest (NYSE: DGX) that the $8 per share deal does not reflect Celera’s value.
Starboard Value & Opportunity Fund and Biotechnology Value Fund LP said in separate letters to Alameda-based genetic test developer Celera (NASDAQ: CRA) and Quest (NYSE: DGX) that the $8 per share deal does not reflect Celera’s value.
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