entered a definitive agreement to be acquired by
Laboratory Corp. of America
for $23 a share, or about $480 million plus $250 million of assumed debt.
Dynacare is a Toronto-based clinical laboratory company. The acquisition, which has been approved by its two largest shareholders, will be carried out with $11.50 in cash and 0.1164 shares of LabCorp common stock.
Dynacare also ended joint ventures in Pittsburgh and Schenectady, N.Y, and will take an after tax charge of about $4.7 million to reflect the actions.
Dynacare's stock was up 21% to $22 in the premarket Instinet session.