Laboratory Corporation of America Holdings (LabCorp) said today it completed of its acquisition of rival testing lab Medtox Scientific, nearly two months after entering into the $241-million deal to create a specialized toxicology-testing powerhouse.

LabCorp disclosed the completion of the Medtox deal on the same day it sought to shoot down a published report that LabCorp itself was on the block. Mergermarket reported that a private equity consortium was looking to snap up LabCorp in a huge leveraged buyout, then take the company private.

TPG Capital and Bain Capital Mergermarket are among firms capable of pursuing a deal for LabCorp, according to Mergermarket, which also cited Blackstone Group, Kohlberg Kravis Roberts, and Madison Dearborn as potential members of the private equity consortium.

“The Company has no knowledge of any such plans and is not in current discussions with any firms to effect such a transaction,” LabCorp stated.

Medtox said it was being acquired by LabCorp on June 4 for $27 a share cash, 37% above the company’s closing share price of $19.70 three days earlier. The deal cleared a key hurdle when the US Federal Trade Commission last month granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

During the second quarter, its last full quarter as a public company, Medtox recorded net income of $1.2 million, down 11.7% from $1.4 million in the second three months of 2011. However, total revenues jumped 11.3% to $30 million, reflecting in part a 15.5% revenue jump for its diagnostic segment, to $6.5 million, due to improved sales in the workplace drugs-of-abuse and government markets with its new introduced EZ-SCREEN® cup device, and increased sales of PROFILE®-V sold into the hospital market with its Medtox Scan® Reader.

Medtox also saw during Q2 an 8.4% gain to $11.7 million in revenue for its Laboratory segment from drugs-of-abuse (DAU) testing, as well as a 17.7% leap in clinical laboratory revenue, to $9.6 million.

LabCorp, which finished last year with $5.5 billion in revenue, offers more than 4,000 tests ranging from routine blood analyses to reproductive genetics to companion diagnostics.

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