On September 7, 2016 Laboratory Corporation of America Holdings (LabCorp) (NYSE: LH) reported the successful completion of the offering period for the cash tender offer by its direct wholly owned subsidiary, Savoy Acquisition Corp. (Purchaser), for all outstanding shares of common stock of Sequenom, Inc. (NASDAQ: SQNM) (Sequenom), including the associated preferred stock purchase rights (together with the common stock, the Shares) (Press release, LabCorp, SEP 7, 2016, View Source;p=RssLanding&cat=news&id=2200115 [SID:1234514984]). The depositary for the tender offer has advised LabCorp that, as of 12:01 a.m., Eastern time, on September 7, 2016, the expiration of the offering period, stockholders of Sequenom had validly tendered 82,901,857 Shares (including Shares tendered through notices of guaranteed delivery) during the offering period, representing an aggregate of approximately 69% of Sequenom’s outstanding shares of common stock as of such time (or approximately 67% of outstanding shares excluding notices of guaranteed delivery), which Shares are sufficient to have met the minimum condition of the offer and to enable the Merger (as defined below) to occur under Delaware law without a vote of Sequenom’s stockholders. Purchaser has accepted for payment all Shares validly tendered and not properly withdrawn during the offering period, and the consideration for all such Shares either has been paid or will be paid promptly. The acceptance of the Shares effective as of September 7, 2016 constitutes a "Fundamental Change" and a "Make-Whole Fundamental Change" under the indentures related to Sequenom’s 5.00% convertible senior notes due 2017 and the Sequenom’s 5.00% convertible exchange senior notes due 2018.

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"With the addition of Sequenom, LabCorp is a market leader for non-invasive prenatal testing, women’s health and reproductive genetics," said David P. King, chairman and chief executive officer of LabCorp. "This strategic acquisition also expands our reach both domestically and internationally and furthers our mission to improve health and improve lives around the globe."

LabCorp also announced that, following the completion of the offering period, Purchaser was merged with and into Sequenom (the Merger) without a vote of the stockholders of Sequenom, as permitted by the Delaware General Corporation Law. In the Merger, each Share not tendered and accepted for payment in the offer, other than those Shares with respect to which the holders properly exercise appraisal rights and Shares held by LabCorp or Purchaser, has been converted into the right to receive $2.40 net to the seller in cash, without interest thereon and subject to applicable withholding taxes. As a result of the Merger, Sequenom became a direct wholly owned subsidiary of LabCorp and Sequenom’s shares will cease to be traded on the NASDAQ Global Select Market.