Quest moves to buy Celera for $671M

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Quest Diagnostics has commenced a tender offer for Celera, a genetic diagnostics developer, for $8 per share in cash, or approximately $671 million.

The tender offer is being made through Quest’s wholly owned subsidiary, Spark Acquisition, pursuant to an Offer to Purchase, dated March 28, and in connection with the previously announced agreement and plan of merger, dated March 17, 2011, by and among Quest, Spark and Celera.

The tender offer is subject to customary conditions, including the tender of a majority of the outstanding shares (calculated on a fully diluted basis), as well as the receipt of certain regulatory approvals and other closing conditions. The board of directors of of Quest and Celera have approved the transaction, according to Quest, a Madison, N.J.-based provider of diagnostic testing, information and services.