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 by Genoptix or Novartis with the SEC may be obtained free of
charge at the SEC's website at www.sec.gov and by
contacting Genoptix Investor Relations at 800-881-3100. In
addition, investors and stockholders are able to obtain free copies
of the documents filed with the SEC on Genoptix's website at
www.genoptix.com. Investors and stockholders are
urged to read the Schedule TO, the Schedule 14D-9 and the
other relevant materials before making any investment decision with
respect to the tender offer.
Statements in this press release that relate to future
results and events are forward-looking statements based on
Genoptix' current expectations regarding the tender offer and
transactions contemplated by the merger agreement. Actual results
and events in future periods may differ materially from those
expressed or implied by these forward-looking statements because of
a number of risks, uncertainties and other factors. There can be no
assurances that a transaction will be consummated. Other risks,
uncertainties and assumptions include the possibility that expected
benefits may not materialize as expected; that the transaction may
not be timely completed, if at all; that, prior to the completion
of the transaction, if at all, Genoptix may not satisfy one or more
closing conditions; that the merger agreement may be terminated;
and the impact of the current economic environment, fluctuations in
operating results, market acceptance of Genoptix' services, and
other risks that are described in Genoptix' Annual Report on Form
10-K for the year ended December 31, 2009, in its most recent
Quarterly Report of Form 10-Q and in its subsequently filed SEC
reports. Genoptix undertakes no obligation to update these
forward-looking statements except to the extent otherwise required
by law.
SOURCE Genoptix, Inc.