North Carolina clinical research organization PPD (NYSE:PPDI) will be acquired by two private equity firms in a $3.9 billion cash deal that will take the CRO private.
PPD announced the definitive merger agreement with The Carlyle Group and Hellman & Friedman Monday. The sale price comes to $33.25 per share, a 29.6 percent premium over PPD’s Sept. 30 closing price. PPD’s board of directors has unanimously approved the merger agreement. The deal still needs shareholder approval as well as regulatory approvals and other closing conditions. Under terms of the agreement, PPD may solicit other offers for 30 days and may respond to unsolicited proposals that its board of directors deem to be a superior offer. But Carlyle and Hellman & Friedman have the right to match any such offers.
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PPD expects the deal to close in the fourth quarter.
