QUEST DIAGNOSTICS TERMINATES TENDER OFFER FOR 10-3/4%
SENIOR SUBORDINATED NOTES
TETERBORO, N.J., Sept. 16 - Quest Diagnostics Incorporated (NYSE:
DGX) announced today that it has terminated its 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). All Notes tendered in the tender
offer and consent solicitation will be returned promptly to the respective
holders thereof without any action required on the part of the holders.
No tender offer consideration or consent payment will be paid on any of
the tendered Notes.
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 the nation's leading provider 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.
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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