QUEST DIAGNOSTICS ANNOUNCES
EXTENSION OF TENDER OFFER EXPIRATION DATE
TETERBORO, N.J., August 26, 1999 Quest
Diagnostics Incorporated (NYSE:DGX) announced today that it had extended, from August 26,
1999, to 5:00 p.m. New York City time on September 16, 1999, 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). In light of the
extension, Quest Diagnostics did not determine the purchase price for the notes on
Tuesday, August 24, 1999. Holders who tender notes after the Consent Date and no later
than 5:00 p.m. on September 16, 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,
September 14, 1999. Payment for validly tendered notes is expected to be made promptly
following expiration of the tender offer.
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 212-449-4914.
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 annualized revenues of more than $3 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, and manufactures and
distributes diagnostic test kits and instruments. Quest Diagnostics is one of the leading
providers of testing to support clinical trials of new pharmaceuticals worldwide. Quest
Informatics collects and analyzes laboratory, pharmaceutical and other data to help large
health care customers better manage the health of their patients. QuestNet is an
innovative new product offering that provides network management services to large buyers
of health care services. Additional company information can be found on the Internet at:
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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