LabCorp to buy Covance for $6.lB

Laboratory Corp. of America, a provider of health care diagnostic services, said it would buy contract research company Covance for about $6.1 billion in cash and stock.

Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each share held.

The offer of $105.12 per share, based on LabCorp's Friday closing price, represents a premium of 32 percent. (Get the latest quote here.)