UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Laboratory Corporation of America
(Name of Issuer)
Common Stock, $0.10 par value per share
(Title of Class of Securities)
50540R409
(CUSIP Number)
Gerald Ratner
Gould & Ratner
222 N. LaSalle Street, Suite 800
Chicago, Illinois 60601
(312) 236-3003
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 3, 2005
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Secs. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Sec. 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
CUSIP No. 50540R409 13D Page 3 of 10
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).
Longview Asset Management, LLC / 36-4245844
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b) X
3. SEC Use Only:
4. Source of Funds (See Instructions): OO
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e):
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: 0
8. Shared Voting Power: 6,758,261
9. Sole Dispositive Power: 0
10. Shared Dispositive Power: 6,758,261
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 6,758,261
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
13. Percent of Class Represented by Amount in Row (11): 5.08%
14. Type of Reporting Person (See Instructions): IA
CUSIP No. 50540R409 13D Page 4 of 10
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).
James A. Star
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
3. SEC Use Only
4. Source of Funds (See Instructions): OO
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e):
6. Citizenship or Place of Organization: United States
7. Sole Voting Power: 0
8. Shared Voting Power: 6,758,261
9. Sole Dispositive Power: 0
10. Shared Dispositive Power: 6,758,261
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 6,758,261
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
13. Percent of Class Represented by Amount in Row (11): 5.08%
14. Type of Reporting Person (See Instructions): IN
CUSIP No. 50540R409 13D Page 5 of 10
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).
Geoffrey F. Grossman, not individually but solely as Trustee of the Edward\
Memorial Trust
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
3. SEC Use Only
4. Source of Funds (See Instructions): OO
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e):
6. Citizenship or Place of Organization: United States
7. Sole Voting Power: 0
8. Shared Voting Power: 6,758,261
9. Sole Dispositive Power: 0
10. Shared Dispositive Power: 6,758,261
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 6,758,261
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
13. Percent of Class Represented by Amount in Row (11): 5.08%
14. Type of Reporting Person (See Instructions): IN
CUSIP No. 50540R409 13D Page 6 of 10
The Reporting Persons (as defined below) listed on the cover page to this
Schedule 13D hereby make the following Statement pursuant to Section 13(d)
of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules
and regulations promulgated thereunder.
ITEM 1. SECURITY AND ISSUER
The class of equity securities to which this Statement relates is the common
stock, $0.10 par value per share (the "Common Stock"), of Laboratory Corporation
of America, a Delaware corporation (the "Issuer"). The principal executive
offices of the Issuer are located at 358 South Main Street, Burlington, North
Carolina 27215.
ITEM 2. IDENTITY AND BACKGROUND
This statement is being filed on behalf of (a) Longview Asset Management, LLC
("Longview"); (b) James A. Star ("Mr. Star") and (c) Geoffrey F. Grossman, not
individually but solely as Trustee of the Edward Memorial Trust, the Managing
Member of Longview ("Mr. Grossman" and, together with Longview and Mr. Star, the
"Reporting Persons").
Longview is engaged primarily in the investment advisory business. The
principal place of business and principal offices of Longview are located at
222 N. LaSalle Street, Suite 2000, Chicago, Illinois 60601. Longview manages
investment accounts for clients which include certain of the Reporting
Persons, their family members, entities in which the foregoing individuals
hold interests, and trusts for their benefit ("Reporting Person Family
Members and Entities"). Certain clients of Longview, including without
limitation Reporting Person Family Members and Entities, hold shares of
Common Stock (collectively such clients are the ("Longview Clients").
Longview has voting and dispositive power over the Common Stock held in
Longview Clients' securities accounts and, accordingly, is deemed
to be the beneficial owner, for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "1934 Act"), of the Common Stock held
in such accounts. Except for such deemed beneficial ownership, Longview
does not own any Common Stock or other securities of the Issuer. No single
Longview Client owns more than 5% of the outstanding shares of Common Stock
of the Issuer.
Mr. Star is the President of Longview. His principal place of business and
principal office is located at 222 N. LaSalle Street, Suite 2000, Chicago,
Illinois 60601.
Mr. Grossman is a Partner of Seyfarth Shaw LLP, a Chicago, Illinois law
firm. His place of business and principal office is located at 55 East
Monroe Street, Suite 4200, Chicago, Illinois 60603.
CUSIP No. 50540R409 13D Page 7 of 10
During the last five years, none of the Reporting Persons or any officer
or director of Longview has been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors). During the last
five years, none of the Reporting Persons or any officer or director of
Longview has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction which resulted in a judgment,
decree or final order (i) enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or
(ii) finding a violation with respect to such laws.
Longview is a limited liability company formed under the laws of the State
of Delaware. Mr. Star and Mr. Grossman are citizens of the United States
of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The securities of the Issuer were acquired by or on behalf of Longview
Clients in open market transactions over the period beginning September 4,
2001 and continuing through November 3, 2005. Longview Clients effected
such acquisitions using cash on hand.
ITEM 4. PURPOSE OF TRANSACTION
Longview Clients beneficially own all of the shares of Common Stock of
the Issuer reported by Longview hereunder. The securities reported
hereunder were acquired and are held by Longview Clients for investment
purposes. Longview Clients have no present plans to acquire additional
securities of the Issuer, or dispose of securities of the Issuer.
Depending on market conditions and other factors that the Reporting
Persons may deem material, the Reporting Persons may purchase additional
shares of Common Stock on behalf of Longview Clients in the open market
or in private transactions. Depending on these same factors, the
Reporting Persons may sell all or a portion of the shares of Common
Stock beneficially owned by such persons in the open market or in
private transactions. Representatives of Longview have participated,
and may participate in the future, in discussions with the Issuer's
management about matters relating to the business, operations and
assets of the Issuer and matters related thereto, including matters
that may be specified in Items 4(a)-(j) of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) - (b) (i) By virtue of its management of Longview Clients? securities
accounts, including accounts held for the benefit of certain of the
Reporting Persons and Reporting Person Family
CUSIP No. 50540R409 13D Page 8 of 10
Members and Entities, as of November 3, 2005 Longview may be deemed to
beneficially own 6,758,261 shares of Common Stock, representing
approximately 5.08% of the outstanding shares of Common Stock,
calculated in accordance with Rule 13d-3 under the Exchange Act
(based upon 133,920,243 shares of Common Stock issued and outstanding
as of September 30, 2005 as reported by the Issuer in its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2005, filed
on October 27, 2005). Longview shares the power to vote and dispose
of the 6,758,261 shares of Common Stock which it may be deemed to
beneficially own.
(ii) Mr. Star may be deemed to beneficially own an aggregate of
6,758,261 shares of Common Stock as of November 3, 2005, representing
in the aggregate approximately 5.08% of the outstanding shares of
Common Stock as of such date, calculated in accordance with Rule 13d-3
under the Exchange Act, by virtue of his status as President of
Longview. Mr. Star shares the power to vote and dispose of the
6,758,261 shares of Common Stock which he may be deemed to beneficially
own. Mr. Star and members of his immediate family owns shares of Common
Stock, and are partners in certain partnerships that own shares of
Common Stock, that are managed by Longview, all of which shares are
reported hereunder as being beneficially owned by Longview and Mr. Star.
Mr. Star disclaims beneficial ownership of the shares of Common Stock
reported hereunder in excess of his pecuniary interest in such shares.
(iii) Geoffrey F. Grossman, not individually but solely as Trustee of
the Edward Memorial Trust, may be deemed to beneficially own 6,758,261
shares of Common Stock as of November 3, 2005, representing approximately
5.08% of the outstanding shares of Common Stock as of such date,
calculated in accordance with Rule 13d-3 under the Exchange Act, by
virtue of his status as Trustee of the Edward Memorial Trust. Mr.
Grossman, not individually but solely as Trustee of the Edward Memorial
Trust, shares the power to vote and dispose of the 6,758,261 shares of
Common Stock which he may be deemed to beneficially own. Mr. Grossman
has no pecuniary interest in any of the shares he may be deemed to
beneficially own. Mr. Grossman disclaims beneficial ownership of all
of the shares reported hereunder.
(c) The following transactions in shares of Common Stock which are deemed
to be beneficially owned by the Reporting Persons occurred during the past
sixty days in the public market:
(i) September 8, 2005 Purchased 315,000 shares at $47.7073 per share
(ii) September 9, 2005 Purchased 102,400 shares at $48.8327 per share
(iii) September 13, 2005 Purchased 102,500 shares at $48.7344 per share
(iv) September 14, 2005 Purchased 78,400 shares at $48.7126 per share
(v) September 15, 2005 Purchased 111,600 shares at $48.6012 per share
(vi) September 19, 2005 Purchased 8,800 shares at $47.6728 per share
CUSIP No. 50540R409 13D Page 9 of 10
(vii) September 20, 2005 Purchased 41,200 shares at $47.6953 per share
(viii) September 21, 2005 Purchased 33,500 shares at $47.0062 per share
(ix) October 14, 2005 Purchased 13,000 shares at $48.0189 per share
(x) October 20, 2005 Sold 50,000 shares at $50.6280 per share
(xi) October 25, 2005 Purchased 342,700 shares at $48.6433 per share
(xii) October 26, 2005 Purchased 285,000 shares at $49.1179 per share
(xiii) October 27, 2005 Purchased 55,000 shares at $48.8622 per share
(xiv) November 3, 2005 Purchased 20,800 shares at $48.1004 per share
(d) Each Longview Client has the right to receive dividends, if any, paid
in respect of, and the proceeds from the sale of, the securities reported
hereunder. Mr. Star does not have the power to receive dividends paid in
respect of, and the proceeds from the sale of, the securities reported
hereunder, except to the extent of his pecuniary interest in such
securities. Neither Longview nor Mr. Grossman has the right to receive
dividends paid in respect of, or the proceeds from the sale of, the
securities reported hereunder.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
As part of its client relationships, Longview has the power to direct the
voting and the disposition of shares of Common Stock owned by Longview
Clients in the accounts that Longview manages, pursuant to investment
advisory agreements. None of such agreements, however, require that
such accounts be invested in securities of the Issuer or include in
their provisions any terms specifically relating to or varying with
the investment of the accounts in securities of the Issuer.
Other than (i) the Reporting Persons' investment advisory agreements
entered into with Longview, as described above, (ii) Mr. Star's
participation in the management of Longview, and (iii) Mr. Grossman's
ownership interest in Longview, not individually but solely as the
Trustee of the Edward Memorial Trust, none of the Reporting Persons
is a party to any contract, arrangement, understanding or relationship
(legal or otherwise) with respect to any securities of the Issuer.
CUSIP No. 50540R409 13D Page 10 of 10
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
See Exhibit Index appearing below, which is incorporated herein by
reference.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
Longview Asset Management, LLC
By: ___/s/ James A. Star______________
James A. Star, President
____/s/ James A. Star_________________
James A. Star
___/s/ Geoffrey F. Grossman___________
Geoffrey F. Grossman, not individually but
solely as trustee of the Edward Memorial Trust
EXHIBIT INDEX
1. Joint Filing Agreement dated as of November 12, 2005 by and
among the Reporting Persons.