Canadian medical diagnostic services provider CML HealthCare Inc said it would be bought by LifeLabs Medical Laboratory Services in a deal valued at C$1.22 billion ($1.16 billion), including debt.
LifeLabs, owned by Ontario Municipal Employees Retirement System (OMERS), will pay C$10.75 per share, representing a 49 percent premium to CML's closing price on Monday.
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The offer price includes the assumption of $255 million of debt, CML said in a statement on Tuesday.
(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Don Sebastian)