Quest
Diagnostics Announces Extension of Tender Offer Expiration Date
TETERBORO, N.J., July 15, 1999Quest Diagnostics Incorporated (NYSE: DGX) announced today that it had extended
the expiration date of its ongoing tender offer to purchase for cash all of its
outstanding $150,000,000 10-3/4% Senior Subordinated Notes due 2006 (CUSIP No. 74834L AA
8) from July 16, 1999 to Thursday, July 29, 1999 at 5:00 p.m., New York City time. In
light of the extension, Quest Diagnostics did not determine the purchase price for the
notes yesterday. Holders who tender notes after the Consent Date and no later than July
29, 1999 will receive the tender offer consideration (but not the consent payment)
specified in Quest Diagnostics' Offer to Purchase and Consent Solicitation Statement dated
May 25, 1999. In accordance with the new expiration date, the price determination date for
the notes will be 2:00 p.m., New York City time, on Tuesday, July 27, 1999. Payment for
validly tendered notes is expected to be made on Friday, July 30, 1999.
Merrill Lynch & Co. is acting as Dealer Manager for the tender offer and consent
solicitation. The Information Agent is Georgeson & Company, Inc. and the Depositary is
The Bank of New York. Persons with questions regarding the tender offer and consent
solicitation should contact Merrill Lynch & Co., Liability Management Group, at either
888-ML4-TNDR or 212-449-4194.
Quest Diagnostics is one of the nation's leading providers of diagnostic testing,
information and services to physicians, hospitals, managed care organizations, employers
and government agencies with 1998 revenues of $1.5 billion. The wide variety of tests
performed on human tissue and fluids help doctors and hospitals diagnose, treat and
monitor disease. Its Nichols Institute unit conducts research, specializes in esoteric
testing using genetic screening and other advanced technologies, performs clinical studies
testing, and manufactures and distributes diagnostic test kits and instruments. Quest
Informatics collects and analyzes laboratory, pharmaceutical and other data to help large
health care customers better manage the health of their patients. Additional company
information can be found on the Internet at: http://www.questdiagnostics.com.
The statements in this press release which are not historical facts or information may
be forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. Certain of these
risks and uncertainties are listed in the Quest Diagnostics Incorporated 1998 Form 10-K
and subsequent filings with the SEC.
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