Quest Diagnostics to Acquire Remainder of MedPlus
Chris Frankie
04/26/01 - 04:15 PM EDT
Diagnostic testing company
Quest Diagnostics(DGX Quote) agreed to acquire the remaining voting stock of
MedPlus(MEDP Quote) that it doesn't already own.
Quest will pay $2 a share in cash for the remaining 82% of the voting stock. The company will also provide MedPlus with a secured credit line of up to $5 million until the acquisition is completed.
The companies expect to close deal after the MedPlus annual shareholders' meeting in June.
Shares of Quest, which is based in Teterboro, N.J, gained $2.26, or 2%, to $118.26 at the close of
New York Stock Exchange trading, while Cincinnati-based MedPlus was up 25 cents, or 14.7%, to $1.95 on the
Nasdaq.
