PPD (Nasdaq: PPDI) went shopping for a better buyout deal than the $3.9 billion offer from private equity firms and acknowledged it failed to find one Wednesday.
A 30-day “go-shop” period expired at 11:59 p.m. on Tuesday, PPD, which is based in Wilmington, said.
Pending regulatory and PPD shareholder approval, The Carlyle Group and affiliates of Hellman & Friedman LLC will take control of PPD in the coming months.
“[T]he 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,” PPD said in a statement.
PPD agreed to the Carlyle-Hellamn & Friedman deal on Oct. 3. It is to be all cash with PPD shareholders to receive $33.25 for each share.
The company has scheduled a shareholders meeting for Nov. 29 to vote on the deal. PPD management said it expects the transaction to close before the end of the year.
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