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Dianon To Buy Urocor
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Business New Haven
7/9/2001
By: BNH
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STRATFORD - Dianon Systems Inc. (NasdaqNM: DIAN), which provides testing services to doctors who treat cancer patients, has agreed to buy UroCor Inc. (NasdaqNM: UCOR) for $180 million in stock, enabling Dianon to expand its cancer diagnostics business.
Under the terms of the deal, Dianon will exchange each share of UroCor stock for 0.4064 shares of Dianon stock, up to a maximum value of $18 a share. According to Dianon's June 26 closing price of $40.01, that means each UroCor share is worth $16.26, or a premium of 32 percent over UroCor's 90-day average stock price, according to the company. It is also a four-percent discount to UroCor's June 26 closing price of $16.95.
The purchase, expected to close in the fourth quarter, is forecast to add earnings per share of seven to 12 cents in 2002 and 15 to 25 cents in 2003, according to Dianon. The current Thomson Financial/First Call consensus estimate for Dianon's 2002 earnings is $1.48 per share.
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