MEDTOX Scientific (MTOX +0.1%) holds its own after being downgraded to Sell at Craig-Hallum. The firm says that after accepting LabCorp's bid, another offer is unlikely to emerge. The firm also notes that the closing could be delayed by regulatory scrutiny.
LabCorp. (LH) agrees to acquire forensic and clinical laboratory Medtox Scientific (MTOX) for $241M, with the $27/share offer representing a 37% premium over the latter's closing price of $19.70 on Friday. The acquisition comes as LabCorp. expands its Toxicology Center of Excellence.
Biotech firm Medtox (MTOX -5.3%) trades lower after its Q3 missed estimates due to reduced order flow from its existing customers. EPS came in at $0.15 on sales of $27M, below analysts' expectations for an EPS of $0.17 on revenue of $28.5M.