SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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Laboratory Corporation of America Holdings
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(Name of Registrant as Specified In Its Charter)
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[LETTERHEAD OF LABORATORY CORPORATION OF AMERICA(R) HOLDINGS]
FOR IMMEDIATE RELEASE
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABCORP(R) ANNOUNCES EXPIRATION OF ANTITRUST WAITING PERIOD IN
OFFER FOR DYNACARE INC.
Burlington, NC, June 20, 2002 -- Laboratory Corporation of America(R) Holdings
(LabCorp(R)) (NYSE: LH) today announced that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act with respect to its offer to
purchase all outstanding shares of common stock of Dynacare Inc. (NASDAQ: DNCR)
for approximately $23 per share, payable one-half in cash and one-half in stock,
expired at 11:59 PM, New York City time, on June 19, 2002.
This transaction remains subject to various conditions and approval by
appropriate Canadian government agencies and the stockholders of Dynacare.
LabCorp continues to expect that this transaction will close in the third
quarter of 2002.
The first national clinical laboratory to fully embrace genomic testing,
Laboratory Corporation of America(R) Holdings (LabCorp(R)) has been a pioneer in
commercializing new diagnostic technologies. As a national laboratory with
annual revenues of $2.2 billion in 2001 and over 19,000 employees, the company
offers more than 4,000 clinical tests ranging from routine blood analyses to
sophisticated molecular diagnostics. Serving more than 200,000 clients
nationwide, LabCorp combines its expertise in innovative clinical testing
technology with its Centers of Excellence. The Center for Molecular Biology and
Pathology, in Research Triangle Park, North Carolina, offers state-of-the-art
molecular gene-based testing in infectious disease, oncology and genetics. Its
National Genetics Institute in Los Angeles is an industry leader in developing
novel, highly sensitive polymerase chain reaction (PCR) methods for testing
hepatitis C and other blood borne infectious agents. LabCorp's Minneapolis-based
ViroMed offers molecular microbial testing using real time PCR platforms, while
its Center for Esoteric Testing in Burlington, North Carolina, performs the
largest volume of specialty testing in the network. LabCorp's clients include
physicians, state and federal government, managed care
--more--
organizations, hospitals, clinics, pharmaceutical and Fortune 1000 companies,
and other clinical laboratories.
Each of the above forward-looking statements is subject to change based on
various important factors, including without limitation, competitive actions in
the marketplace and adverse actions of governmental and other third-party
payors. Further information on potential factors that could affect LabCorp's
financial results is included in the Company's Form 10-K for the year ended
December 31, 2001 and subsequent SEC filings.
Security holders of Dynacare Inc. are urged to read the proxy statement
regarding the proposed Plan of Arrangement when it is finalized and distributed
to security holders because it will contain important information for making an
informed decision. The definitive proxy statement will be filed with the U.S.
Securities and Exchange Commission (the "SEC") by Dynacare, and security holders
may obtain a free copy of such proxy statement when it becomes available, and
other documents filed with the SEC by Dynacare, at the SEC's website at
www.sec.gov. The definitive proxy statement, when it becomes available, and
other documents filed by Dynacare, may also be obtained free of charge by
directing a request to Dynacare Inc., 14900 Landmark Boulevard, Suite 200,
Dallas, Texas 75254, attention: Zbig S. Biskup, Executive Vice President and
Chief Financial Officer and Secretary.
Dynacare and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the security holders of
Dynacare in favor of the transaction. The directors and executive officers of
Dynacare and their beneficial ownership of Dynacare common stock as of April 15,
2002 are set forth in the proxy statement for the 2002 annual meeting filed by
Dynacare on April 30, 2002. LabCorp and its directors and executive officers may
be deemed to be participants in the solicitation of proxies from the security
holders of Dynacare in favor of the transaction. The directors and executive
officers of LabCorp are set forth in the proxy statement for the 2002 annual
meeting filed by LabCorp on April 15, 2002. Security holders of Dynacare may
obtain additional information regarding the interests of such participants by
reading the definitive proxy statement when it becomes available.
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