NEW YORK, Feb. 12 /PRNewswire/ -- JLL Partners, a leading private equity investment fund ("JLL") and PharmaNet Development Group, Inc. ("PharmaNet") announced today that JLL PharmaNet Holdings, LLC ("Parent"), through its wholly-owned subsidiary, PDGI Acquisition Corp. ("Purchaser"), each of which is an affiliate of JLL, has commenced a tender offer for all outstanding shares of PharmaNet (Nasdaq: PDGI) at a price of $5.00 per share net to the seller in cash. JLL and PharmaNet had previously announced that they had reached a definitive merger agreement for Purchaser to acquire PharmaNet. Parent and Purchaser are affiliates of JLL Partners Fund V, L.P. and JLL Partners Fund VI, L.P. (together, the "Sponsors"), each of which is a private equity investment fund managed by JLL.
The Board of Directors of PharmaNet has unanimously, by the vote of the directors present, determined that the transaction contemplated by the merger agreement, including the offer and the merger are advisable and in the best interests of PharmaNet and its stockholders; approved and declared advisable the merger agreement and the transactions contemplated thereby, including the offer; and resolved to recommend that holders of shares of PharmaNet common stock accept the offer and tender their shares in the offer.
The tender offer, if successful, will be followed by a second-step merger in which any shares of PharmaNet not tendered into the offer will be converted into the right to receive the same per share consideration paid to PharmaNet stockholders in the tender offer.
There is no financing condition to the tender offer. The tender offer is subject to certain conditions set forth in the Offer to Purchase referenced below, including a minimum share tender condition, the expiration or termination of the waiting period under the Hart-Scott-Rod
|SOURCE PharmaNet Development Group, Inc.; JLL Partners|
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