FTC Grants Early Termination of Waiting Period Under Hart-Scott-Rodino Act
SAN DIEGO, Feb. 7, 2011 /PRNewswire/ -- Genoptix, Inc. (Nasdaq: GXDX) announced today that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") applicable to the cash tender offer by Novartis to purchase all outstanding shares of common stock of Genoptix at USD$25.00 per share.
The termination of the HSR Act waiting period satisfies one of the conditions necessary for the consummation of the tender offer. The tender offer is scheduled to expire at 12:00 midnight, New York City time, on Friday, February 25, 2011 (which is the end of the day on February 25, 2011), unless the tender offer is extended. Consummation of the tender offer remains subject to other customary conditions, including the tender of a majority of the outstanding shares of Genoptix's common stock, determined on a fully diluted basis.
About Genoptix, Inc.
Genoptix is a specialized laboratory service provider focused on delivering personalized and comprehensive diagnostic services to community-based hematologists and oncologists. Genoptix is headquartered in Carlsbad, California.
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of Genoptix. The tender offer for shares of Genoptix described in this press release commenced on January 28, 2011. Novartis has filed a tender offer statement on Schedule TO with the Securities and Exchange Commission (the "SEC") and Genoptix has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC. Genoptix stockholders and other investors should read these materials carefully because they contain important information, including the terms and conditions of the tender offer. These materials and any other documents filed