PPD sale clears first hurdle

WILMINGTON, NC (WWAY) -- PPD is a step closer to new ownership after a 30-day "go-shop" period ended last night. The period was a chance for PPD to see if it could find a better offer than the merger agreement it made on October 2 with The Carlyle Group and Hellman & Friedman LLC, according to a PPD news release.

Despite the efforts, PPD did not receive any other offers during the "go-shop" period.

PPD announced last month it had entered into a definitive merger agreement under which PPD will be acquired by affiliates of The Carlyle Group and affiliates of Hellman & Friedman LLC in an all-cash transaction. PPD shareholders will receive $33.25 in cash for each share of common stock in the deal

The sale is still waiting for regulatory and shareholder approval. PPD has scheduled a special meeting of its shareholders for November 29 to decide on the sale.

Also this morning, PPD announced a 15-cent per share dividend for the fourth quarter of 2011.

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