Covance Inc. and Laboratory Corporation of America Holdings jointly announced that Covance’s stockholders voted to adopt the previously announced merger agreement providing for the acquisition of Covance by LabCorp at the special meeting of Covance stockholders held earlier today. More than 99 percent of votes cast at the special meeting were in favor of the transaction, representing more than 78 percent of all outstanding Covance shares.
As previously announced on November 3, 2014, the Boards of Directors of both Covance and LabCorp approved a definitive agreement under which Covance stockholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own. The transaction, which is expected to close on or about February 19, 2015, remains subject to the satisfaction of the closing conditions set forth in the merger agreement.
