eResearchTechnology, Inc. (ERT: Quote) 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."
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by RTT Staff Writer
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