Laboratory Corporation of America Holdings has inked a contract to acquire Medtox Scientific, a St. Paul, Minn.-based provider of high quality specialized laboratory testing services and on-site/point-of-collection testing (POCT) devices.

LabCorp Holdings will purchase Medtox for $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000. The board of directors of Medtox unanimously approved the agreement and recommended approval of the transaction by Medtox 's shareholders.

"We are extremely pleased that Medtox, a premier forensic and clinical laboratory with a reputation for exceptional quality, dependability and customer service is joining our family," said David P. King, chairman and CEO of LabCorp. “This acquisition provides a strong foundation for growth in this business, as we build and expand LabCorp's toxicology center of excellence and add to the unrivaled assets of the LabCorp specialty testing group.”

Dick Braun, chairman and CEO of Medtox, said, "As part of LabCorp with its substantial resources and infrastructure, we expect to accelerate Medtox’s profitable growth and provide a stable and sustainable environment for our employees and clients."

The transaction is subject to customary closing conditions including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval by Medtox's stockholders. The transaction is expected to close in the third quarter of 2012.