Pharmaceutical Product Development, Inc. announced the completion of its acquisition by affiliates of The Carlyle Group and affiliates of Hellman & Friedman in an all-cash transaction valued at approximately $3.9 billion.
As previously announced, the transaction was approved by PPD shareholders at a special meeting of shareholders held November 30, 2011. Pursuant to the terms of the merger agreement, PPD’s shareholders are entitled to receive $33.25 in cash, without interest, less any applicable withholding taxes, for each share of PPD common stock owned by them. As a result of the merger, PPD’s common stock will no longer be listed for trading on NASDAQ.
Shareholders of record will receive a letter of transmittal and instructions on how to surrender their shares of PPD common stock in exchange for the merger consideration. Shareholders of record should wait to receive the letter of transmittal before surrendering their shares.
Morgan Stanley & Co. LLC served as financial advisor, and Lazard provided a fairness opinion, to the board of directors of PPD in connection with the transaction. Wyrick Robbins Yates & Ponton LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisors to PPD in connection with the transaction. Latham & Watkins LLP, Simpson Thacher & Bartlett LLP and Covington & Burling LLP served as legal counsel, and Credit Suisse served as financial advisor, to Carlyle and Hellman & Friedman in connection with the transaction.
Date: December 5, 2011
Source: PPD Inc.
