JLL to Commence Tender Offer for All Shares of Common Stock
At a Price of $5.00 per Share in Cash
PRINCETON, N.J., Feb. 3 /PRNewswire-FirstCall/ -- PharmaNet Development Group, Inc. (the "Company" or "PharmaNet") (Nasdaq: PDGI), a leading provider of clinical development services, today announced that it has signed a definitive merger agreement ("Merger Agreement") with affiliates of JLL Partners, Inc. ("JLL"). Under the terms of the Merger Agreement, JLL will commence a tender offer to purchase all of the outstanding shares of PharmaNet at a price of $5.00 per share in cash, representing a significant premium to PharmaNet's average closing price for the past thirty days.
The transaction values the Company's common stock at approximately $100 million. The transaction will be financed by a $250 million equity commitment from JLL which includes the necessary funds to retire the $144 million principal amount of the Company's outstanding convertible notes. The transaction is subject to the valid tender of a majority of PharmaNet common stock, regulatory approvals and other customary conditions, but it is not subject to any financing conditions. The parties expect the tender offer to close by the end of the first quarter of 2009.
PharmaNet's Board of Directors has approved the definitive Merger Agreement and the transactions contemplated thereby and have resolved to recommend that PharmaNet stockholders tender their shares in connection with the tender offer contemplated by the definitive Merger Agreement.
"The Board of Directors and I are very pleased to have a partner in JLL that recognizes the substantial value we have built in the PharmaNet Development Group franchise," said Jeffrey P. McMullen, President and Chief Executive Officer, PharmaNet Development Group, Inc. "We believe
|SOURCE PharmaNet Development Group, Inc.|
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