Quest Reduces Unilab Purchase Price

Quest Diagnostics Inc. reduced the amount of its planned $1.1-billion purchase of rival Unilab Corp. by about 5% after U.S. officials required the sale of some assets.

Unilab is the largest provider of diagnostic testing services in California, and the Federal Trade Commission raised concerns about Quest having too much control of the market in the northern part of the state.

Shares of Teterboro, N.J.-based Quest rose $2.07, or 3.7%, to $57.86 on the NYSE.

Shares of Tarzana-based Unilab fell 48 cents, or 2.4%, to $19.19 on Nasdaq.