02 Nov. 2011
WILMINGTON, N.C. (November 2, 2011) - Pharmaceutical Product Development, Inc. (Nasdaq: PPDI) today announced the expiration of the 30-day "go-shop" period pursuant to the terms of the previously announced definitive merger agreement, entered into on October 2, 2011, between PPD and affiliates of The Carlyle Group and affiliates of Hellman & Friedman LLC.
During the "go-shop" period, which ended at 11:59 p.m., Eastern Time, on November 1, 2011, the company's representatives solicited superior proposals from third parties. Despite these solicitation efforts, PPD did not receive any alternative acquisition proposals during the "go-shop" period.
On October 3, 2011, PPD announced that it had entered into a definitive merger agreement under which PPD will be acquired by affiliates of The Carlyle Group and affiliates of Hellman & Friedman LLC in an all-cash transaction. Pursuant to terms of the agreement, PPD shareholders will receive $33.25 in cash for each share of common stock.
PPD has also been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed merger. The transaction remains subject to antitrust clearance in certain foreign jurisdictions and approval by PPD's shareholders, as well as other customary closing conditions. PPD has scheduled a special meeting of its shareholders for November 29, 2011, to consider approval of the merger agreement and expects the merger to close in the fourth quarter of 2011. PPD's board of directors continues to recommend that PPD's shareholders vote to approve the merger agreement at the special meeting of shareholders.