Combined Capabilities to Create One of the Industry's Largest eClinical
BOSTON, June 13 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services organization, today announced that the Boards of PAREXEL International and ClinPhone plc, a company traded on the London Stock Exchange, ("ClinPhone") have reached agreement on the terms of a recommended proposal whereby a wholly owned subsidiary of PAREXEL will acquire the entire issued and to be issued ordinary share capital of ClinPhone. With headquarters in Nottingham, United Kingdom, ClinPhone is one of the world's leading clinical technology organizations.
The acquisition is based on the offer price of 135 pence in cash for each ClinPhone share. The offer price represents a premium of 86 percent to the ClinPhone share price on the London Stock Exchange of 72.5 pence on February 14, 2008, the last business day before the start of the "Offer Period" commencing on February 15, 2008 and ending on the date on which the acquisition becomes effective in accordance with its terms. The acquisition values the entire issued ordinary share capital of ClinPhone at approximately 91 million Pounds Sterling (GBP), or approximately $182 million U.S. Dollars (USD). PAREXEL has arranged a $300 million USD facility with JPMorgan Chase Bank, N.A. and Keybank National Association in order to fund the acquisition and costs related to the acquisition, and to refinance the existing debt of ClinPhone and PAREXEL. The acquisition is expected to close in the first quarter of PAREXEL's Fiscal Year 2009, or by September 30, 2008.
Josef von Rickenbach, Chairman and Chief Executive Officer o
|SOURCE PAREXEL International Corporation|
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