FONT-SIZE Plus   Neg

EResearchTechnology To Be Acquired By Affiliates Of Genstar Capital

eResearchTechnology, Inc. (ERT) said it has entered into a definitive agreement to be acquired by affiliates of Genstar Capital LLC for $8.00 per share in cash in a transaction valued at around $400 million. The transaction is expected to be completed during the third quarter.

The proposed transaction has been approved unanimously by eResearchTechnology's board of directors, following a recommendation by a special committee of independent directors, and suggests that the company's shareholders approve the transaction.

Dr. Jeffrey Litwin, CEO of ERT, added, "We are pleased to announce this transaction with Genstar, whose experienced team of healthcare executives can provide strategic oversight, as well as acquisition capital, to expand the company's service offering and market opportunities. They will help position ERT to better serve our clinical research clients by continuing to fund the innovative devices and services that have made us the premier provider of health outcomes research services."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Bond management titan Bill Gross has filed suit against his former employer, PIMCO, for breach of contract related to his ouster from the company. Gross is looking for damages of at least $200 million for forcing him out of the company, according to court filings. Gross claims that other managers conspired to push him out of the firm he co-founded in order to improve their own finances. Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements. Alcoa Inc. (AA), the largest producer of aluminum in the US, Thursday reported a sharp decline in profit for the third quarter, as sales dropped 11 percent reflecting divestitures and currency headwinds. Both the earnings and revenues fell short of Wall Street analysts' estimates, sending its shares...
comments powered by Disqus
Follow RTT