Digene Falling On FTC Inquiry About Cytyc
Digene was plunging after Cytyc's acquisition offer was extended through May 9.
Digene
(DIGE)
was being dragged down 27% by falling Cytyc stock on news that
Cytyc
(CYTC)
is extending its acquisition offer while the companies respond to a formal request from the Federal Trade Commission about potential antitrust violations.
Cytyc was down after lowering its guidance after the market closed, and the renewal of the acquisition offer, which was originally scheduled to expire at midnight on April 25 but has now been extended through May 9, 2002, with the option of more extensions, was taking down Digene as well.
Shares of Digene were recently trading down to $24.26 after closing at $33.33 Wednesday. Shares of Cytyc were down 30% to $17.32.
