Selected Transaction: M&A Seller Representation

The ClientPreferred Laboratories

Preferred and Healthcare Preferred Laboratories are based in Auburn Hills, Michigan. Collectively they were one of the largest, privately-held medical testing laboratories in the state of Michigan.
Preferred Laboratories is primarily a blood and tissue testing laboratory serving individual practitioners, clinics, long-term care facilities and hospitals. Healthcare Preferred Laboratories serves a nationwide client base of drug testing and substance abuse clinics.

The Assignment

Context Capital Group ("Context Capital") was retained by the shareholders of Preferred Laboratories after they had been approached by Damon Clinical Laboratories. The shareholders
wanted to be certain of receiving full value for their interest in Preferred, and also wanted to gauge the level of interest from other acquirers without losing momentum in the discussions with Damon. Context Capital quickly prepared a thorough confidential memorandum on Preferred Laboratories and initiated discussions with alternative acquirers while continuing the discussions with Damon. Timely discussions with alternative acquirers convinced Context Capital and the shareholders that the best strategy was to pursue aggressive negotiations with Damon.

Damon completed the acquisition of Preferred Labs and also agreed to a purchase price significantly above the amount originally considered acceptable to the shareholders. Context Capital led all discussions with Damon and other potential acquirers.

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