JLL Partners Announces Successful Completion of Tender Offer for PharmaNet
March 30 2009 - 7:00AM
PR Newswire (US)
NEW YORK, March 30 /PRNewswire/ -- JLL Partners, a leading private
equity investment fund ("JLL"), today announced the successful
completion of the tender offer by its affiliates, JLL PharmaNet
Holdings, LLC ("Parent") and PDGI Acquisition Corp. ("Purchaser"),
for all of the outstanding shares of common stock of PharmaNet
Development Group, Inc., a leading provider of clinical development
services (NASDAQ:PDGI) ("PharmaNet"). Parent and Purchaser are
affiliates of JLL and JLL Partners Fund VI, L.P., an investment
fund managed by JLL (the "Sponsor"). American Stock Transfer &
Trust Company, the depositary for the tender offer, has advised JLL
that, as of 5:00 p.m., New York City time, on March 27, 2009, the
expiration of the subsequent offering period for the tender offer,
a total of approximately 18,774,076 shares representing
approximately 94.8% of the outstanding shares of common stock of
PharmaNet, had been validly tendered and not withdrawn as of the
expiration date. All validly tendered shares have been accepted for
payment and JLL will pay for all such shares promptly. JLL also
announced today that, to complete the acquisition of 100% of the
common stock of PharmaNet, Parent will effect, without prior notice
to, or any action by, any other PharmaNet stockholder, a short-form
merger in which Purchaser will merge with and into PharmaNet, with
PharmaNet surviving the merger and continuing as an indirect,
wholly owned subsidiary of Parent. In the merger, each of the
remaining untendered shares of PharmaNet common stock (other than
shares as to which appraisal rights are properly demanded and
perfected under Delaware law, if any) will be converted into the
right to receive the same $5.00 per PharmaNet share, net to the
seller in cash, pursuant to the tender offer. The merger is
expected to occur promptly hereafter. Following the merger,
PharmaNet common stock will cease to be traded on the NASDAQ Stock
Market. About JLL Partners Parent is an affiliate of the Sponsor, a
private equity investment fund managed by JLL. Each of Parent and
Purchaser were formed for the purpose of entering into a business
combination transaction with PharmaNet, and has not carried on any
business activities other than in connection with the tender offer
and merger. Founded in 1988, JLL is a leading private equity
investment firm with approximately $4.0 billion of capital under
management that has invested in a variety of industries, with
special focus on healthcare and medical services, financial
services and building products. JLL makes equity investments in
middle market companies with the objective of extricating good
companies from complicated situations or building strong companies
in partnership with exceptional managers. Further information
related to JLL can be found on its website,
http://www.jllpartners.com/. DATASOURCE: JLL Partners CONTACT:
Brian Wade, JLL Partners, +1-212-210-9317, Web Site:
http://www.jllpartners.com/
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