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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
JULY 16, 1998
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On July 16, 1998, Laboratory Corporation of America Holdings, (the "Company")
issued a press release announcing that it has entered into a definitive
agreement to acquire Universal Standard Healthcare, Inc.'s (UHCI)
Michigan-based clinical laboratory division which had 1997 revenues of
approximately $37 million. The Company will also acquire an equity position
in UHCI and will be UHCI's clinical laboratory testing provider under a
long-term agreement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated July 16, 1998.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: August 17, 1998
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Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE CONTACT: PAMELA SHERRY
336-584-5171, EXT. 4855
SHAREHOLDER DIRECT: 800-LAB-0401
WWW.LABCORP.COM
LABCORP-REGISTERED TRADEMARK-ANNOUNCES DEFINITIVE AGREEMENT WITH UNIVERSAL
STANDARD HEALTHCARE TO ACQUIRE ITS MICHIGAN-BASED LABORATORY DIVISION
TRANSACTION INCLUDES LABCORP-UHCI LONG-TERM LABORATORY SERVICES AGREEMENT
AND EQUITY INVESTMENT BY LABCORP IN UHCI
BURLINGTON, NC, JULY 16, 1998 - Laboratory Corporation of America-Registered
Trademark-Holdings (LabCorp-Registered Trademark-) (NYSE: LH) and Universal
Standard Healthcare, Inc. (UHCI) (NASDAQ: UHCI) today announced that they have
entered into a definitive agreement for LabCorp to acquire Universal
Standard's Michigan-based clinical laboratory division which had 1997 revenues
of approximately $37 million. LabCorp will also acquire an equity position in
UHCI and will be UHCI's clinical laboratory testing provider under a long-term
agreement.
Following the transaction, the combination of UHCI's and LabCorp's existing
Michigan laboratory operations will make LabCorp one of the largest
laboratories in Michigan. "This transaction strengthens LabCorp's presence
in the Midwest and expands our opportunities to offer laboratory services in
this important region," said Larry L. Leonard, LabCorp's Executive Vice
President, Western Operations. "The combination signifies our continuing
efforts to increase revenue opportunities and to utilize capacity in the most
efficient manner."
Universal Standard Healthcare, Inc. is a premier managed-care health services
provider operating in all 50 states, currently providing clinical laboratory,
out-patient diagnostic imaging, and home medical services (including durable
medical equipment and supplies) coverage to employers on a capitated basis.
"Covered persons" under these managed-care contracts exceed 1.6 million.
Laboratory Corporation of America-Registered Trademark-Holdings (LabCorp-
Registered Trademark-) is a national clinical laboratory organization with
annual revenues of $1.5 billion in 1997. The Company operates primary testing
facilities nationally, offering more than 1,700 different clinical assays,
from routine blood analyses to more sophisticated technologies. LabCorp
performs diagnostic tests for physicians, managed-care organizations,
hospitals, clinics, long-term care facilities, industrial companies and other
clinical laboratories.
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