UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
March 26, 2001
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Laboratory Corporation of America -Registered Trademark-
Holdings (LabCorp -Registered Trademark-)(NYSE:LH) announced
that it has entered into a definitive agreement with
privately-held Path Lab Holdings, Inc. (Path Lab) to acquire
all of its outstanding stock. Path Lab, a leading regional
clinical laboratory established in 1971, is based in
Portsmouth, New Hampshire. Terms of the definitive
agreement were not disclosed. The transaction, which is
expected to be completed in approximately one month, is
subject to certain, normal closing conditions including
expiration of the waiting periods under the Hart Scott
Rodino Antitrust Improvements Act.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
Press release of the Company dated March 26,
2001.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: March 26, 2001
Laboratory Corporation of America-Registered Trademark-Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABORATORY CORPORATION OF AMERICA-REGISTERED TRADEMARK-
ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE PATH LAB IN NEW ENGLAND
Burlington, NC, March 26, 2001 - Laboratory Corporation of
America-Registered Trademark- Holdings (LabCorp-Registered
Trademark-) (NYSE: LH) today announced that it has entered
into a definitive agreement with privately-held Path Lab
Holdings, Inc. (Path Lab) to acquire all of its outstanding
stock. Path Lab, a leading regional clinical laboratory
established in 1971, is based in Portsmouth, New Hampshire.
Terms of the definitive agreement were not disclosed. The
transaction, which is expected to be completed in
approximately one month, is subject to certain, normal
closing conditions including expiration of the waiting
periods under the Hart Scott Rodino Antitrust Improvements
Act.
LabCorp plans to use Path Lab's facilities and seasoned
management team to form the cornerstone of its expansion
into New England. Maintaining one full-service and three
limited-service laboratories, as well as 38 patient service
centers in New Hampshire, Massachusetts, Rhode Island and
Maine, Path Lab will significantly improve LabCorp's service
in those markets. Path Lab also has cooperative testing
arrangements with a number of area hospitals to enhance
service levels and optimize the use of local testing
capacity. These hospitals utilize Path Lab's lab management
and information technology support programs for advanced
connectivity and billing solutions.
"LabCorp currently has a limited presence in New England,
while Path Lab has significant business in the area," noted
Thomas P. Mac Mahon, chairman and chief executive officer.
"Path Lab fits well into our strategy to make selective
acquisitions. In this instance, we are expanding into New
England with a company that has proven management expertise,
particularly in hospital lab outsourcing and management, and
in serving the esoteric testing needs of hospitals. The
combination of Path Lab's excellent management team and
solid regional presence strengthens our ability to
effectively service current customers and to attract new
customers in that region."
The first clinical laboratory to fully embrace genomic
testing, Laboratory Corporation of America-Registered
Trademark- Holdings (LabCorp-Registered Trademark-) has been
a pioneer in commercializing new diagnostic technologies.
As a national laboratory with annual revenues of $1.9
billion in 2000 and over 18,000 employees, the company
offers more than 4,000 clinical tests ranging from simple
blood analyses to sophisticated molecular diagnostics.
Serving over 200,000 clients nationwide, LabCorp leverages
its expertise in innovative clinical testing technology with
its Centers of Excellence. The Center for Molecular Biology
and Pathology, in Research Triangle Park (RTP), North
Carolina, develops applications for polymerase chain
reaction (PCR) technology. LabCorp's National Genetics
Institute in Los Angeles is an industry leader in developing
novel, highly sensitive PCR methods for testing hepatitis C
and other infectious agents, and its Center for Esoteric
Testing in Burlington, North Carolina, performs the largest
volume of specialty testing in the network. LabCorp's
clients include physicians, state and federal government,
managed care organizations, hospitals, clinics,
pharmaceutical and Fortune 1000 companies, and other
clinical laboratories.
Each of the above forward-looking statements is subject to
change based on various important factors, including without
limitation, competitive actions in the marketplace and
adverse actions of governmental and other third-party
payors. Further information on potential factors that could
affect LabCorp's financial results is included in the
Company's Form 10-K for the year ended December 31, 2000 and
subsequent SEC filings.