TETERBORO, N.J., and TARZANA, Calif., Sep 26, 2002 /PRNewswire-FirstCall via
COMTEX/ -- Quest Diagnostics Incorporated (NYSE: DGX) and Unilab Corporation
(Nasdaq: ULAB) announced today that they have extended the termination date of
their Merger Agreement to November 30, 2002. All other provisions of the
agreement remain in effect. Previously, the Merger Agreement between Quest
Diagnostics and Unilab could have been terminated by either party at any time
after September 30, 2002, if the exchange offer had not been completed on or
before that date.
In addition, Quest Diagnostics extended its previously announced cash election
exchange offer for all outstanding shares of Unilab Corporation common stock.
The offer was extended by 10 business days and will now expire at 12:00
midnight, New York City time, on Wednesday, October 9, 2002.
The exchange offer period has been extended because Quest Diagnostics and Unilab
are continuing their discussions, including settlement discussions, with the
Federal Trade Commission regarding the proposed transaction. Quest Diagnostics
and Unilab continue to believe that the transaction is not anti-competitive.
As of 12:00 midnight, New York City time, on September 25, 2002, approximately
30.9 million shares of Unilab Corporation common stock had been tendered,
representing approximately 92% of the outstanding Unilab Corporation common
stock.
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 Unilab
Unilab Corporation is the largest independent provider of clinical laboratory
testing services in California through its primary testing facilities in Los
Angeles, San Jose and Sacramento and over 400 regional service and testing
facilities located throughout the state. Unilab also operates in the state of
Arizona. Additional information is available on the Company's website at
http://www.Unilab.com.
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
http://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 http://www.sec.gov.
SOURCE Quest Diagnostics Incorporated; Unilab Corporation
CONTACT:
Laure Park, Investors, +1-201-393-5030, or Gary Samuels, Media,
+1-201-393-5700, both of Quest Diagnostics Incorporated
Brian D. Urban, +1-818-758-6611, for Unilab Corporation.
URL: http://www.questdiagnostics.com
Copyright (C) 2002 PR Newswire. All rights reserved.