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news.GlaxoSmithKline has sold 5.75 million shares of common stock, par value of $0.01 per share, of Quest Diagnostics, a provider of diagnostic testing, information and services.
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The sale of the shares was achieved partly through market sales under Rule 144 of the US Securities Act of 1933, and, partly through a sale directly to Quest. In addition to the sales during March 17, 2009 and March 19, 2009, when 1.24 million Quest shares were sold in the market, on March 19, 2009, 4.51 million Quest shares were sold back to Quest for $44.33 per share, for an aggregate price of approximately $200 million.
The shares were sold as part of a gradual reduction in the group’s holding and to take advantage of Quest’s recently expanded share repurchase program, said GlaxoSmithKline. The group originally acquired the shares following the sale of the group’s clinical laboratories business to Quest in 1999.
Following the sale of the shares, the group holds 30.75 million shares of common stock in Quest, being approximately 16.5% of the issued share capital of Quest, with a market value of approximately $1.36 billion.