TETERBORO, N.J., Sep 20, 2002 /PRNewswire-FirstCall via COMTEX/ -- Quest
Diagnostics Incorporated (NYSE: DGX), the nation's leading provider of
diagnostic testing, information and services, announced that it is continuing
discussions with the Federal Trade Commission regarding its proposed acquisition
of Unilab Corporation (Nasdaq: ULAB). Quest Diagnostics now expects that these
discussions, which include settlement discussions, will extend beyond September
30, 2002. Accordingly, the proposed transaction will not be completed before
that date. Quest Diagnostics continues to believe that the transaction is not
anti-competitive.
The Merger Agreement between Quest Diagnostics and Unilab can be terminated by
either party at any time after September 30, if the exchange offer has not been
completed on or before that date. Both companies are currently in discussions
regarding the extension of the Merger Agreement.
For additional information on the cash election exchange offer, Unilab
shareholders may contact Georgeson Shareholder Communications at 212-440-9800.
In addition, Merrill Lynch is the Dealer Manager for the exchange offer and may
be contacted toll free at 866-276-1462.
About Quest Diagnostics
Quest Diagnostics Incorporated is the nation's leading provider of diagnostic
testing, information and services, providing insights that enable physicians,
hospitals, managed care organizations and other healthcare professionals to make
decisions to improve health. The company offers the broadest access to
diagnostic laboratory services through its national network of laboratories and
patient service centers. Quest Diagnostics is the leading provider of esoteric
testing, including gene-based medical testing, and empowers healthcare
organizations and clinicians with state-of-the-art connectivity solutions that
improve practice management. Additional company information can be found on the
Internet at: http://www.questdiagnostics.com .
FORWARD-LOOKING STATEMENTS:
This communication contains certain forward-looking statements. These
forward-looking statements, which may include, but are not limited to,
statements concerning the financial condition, results of operations and
businesses of Quest Diagnostics and Unilab and the benefits expected to result
from the contemplated transaction, are based on management's current
expectations and estimates and involve risks and uncertainties that could cause
actual results or outcomes to differ materially from those contemplated by the
forward-looking statements.
Factors that could cause or contribute to such differences may include, but are
not limited to, the risk that the conditions relating to the required minimum
tender of Unilab shares or regulatory clearance might not be satisfied in a
timely manner or at all, risks relating to the integration of the technologies
and businesses of Quest Diagnostics and Unilab, unanticipated expenditures,
changing relationships with customers, suppliers and strategic partners,
conditions of the economy and other factors described in the most recent reports
on Form 10-Q, most recent reports on Form 10-K, and other periodic reports filed
by Quest Diagnostics and Unilab with the Securities and Exchange Commission.
ADDITIONAL INFORMATION:
On May 15, 2002, Quest Diagnostics filed a Registration Statement on Form S-4,
as amended, and a Schedule TO, as amended, and Unilab filed a
Solicitation/Recommendation Statement on Schedule 14D-9, as amended, with the
Securities and Exchange Commission in connection with the transaction. A
Prospectus, which is part of the Registration Statement on Form S-4, the
Solicitation/Recommendation Statement on Schedule 14D-9, and related exchange
offer materials, including a letter of election and transmittal, has been mailed
to stockholders of Unilab. In addition, Quest Diagnostics has previously filed a
Statement on Schedule 13D, as amended, relating to its agreement with Kelso
Investment Associates VI, L.P. and KEP VI, LLC. Investors and stockholders of
Unilab are urged to read all of these documents carefully. These documents
contain important information about the transaction and should be read before
any decision is made with respect to the exchange offer. Investors and
stockholders are able to obtain free copies of these documents through the
website maintained by the Securities and Exchange Commission at www.sec.gov.
Free copies of these documents may also be obtained from Quest Diagnostics by
directing a request to Quest Diagnostics Incorporated at One Malcolm Avenue,
Teterboro, New Jersey, 07608, or from Unilab by directing a request to Unilab
Corporation at 18448 Oxnard Street, Tarzana, California, 91356.
In addition to the Registration Statement on Form S-4, Schedule TO, Prospectus,
Solicitation/Recommendation Statement on Schedule 14D-9 and related exchange
offer materials, both Quest Diagnostics and Unilab file annual, quarterly and
special reports, proxy statements and other information with the Securities and
Exchange Commission.
You may read and copy any reports, Statements or other information filed by
Quest Diagnostics or Unilab at the SEC public reference room at 450 Fifth
Street, N.W., Washington, D.C., 20549, or at any of the Securities and Exchange
Commission's other public reference rooms in New York, New York and Chicago,
Illinois. Please call the Securities and Exchange Commission at 800-SEC-0330 for
further information on the public reference rooms. Quest Diagnostics' and
Unilab's filings with the Securities and Exchange Commission are also available
to the public from commercial document-retrieval services and at the website
maintained by the Securities and Exchange Commission at www.sec.gov.
SOURCE Quest Diagnostics Incorporated
CONTACT:
Laure Park, Investors, +1-201-393-5030, or Gary Samuels, Media,
+1-201-393-5700, both for Quest Diagnostics Incorporated
URL: http://www.questdiagnostics.com
Copyright (C) 2002 PR Newswire. All rights reserved.