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Mystery PPD Bidder Identified, But Appears To Have Lost Interest

By Jenny Callison, posted Oct 28, 2011

There may no longer be a mystery rival bidder for PPD, Inc. as the Wilmington CRO seeks to go private.

According to a Bloomberg report today, InVentiv Health Inc., a health care services company owned by Thomas H. Lee Partners LP, decided against making a competing bid for PPD, because it could not get access to some confidential company data.

On October 3, PPD announced an agreement to sell to private-equity firms The Carlyle Group and Hellman & Friedman LLC for $33.25 a share, or about $3.9 billion. But the agreement included a 30-day “go shop” period that allowed PPD to continue seeking higher bids for the company.

The Bloomberg story identifies InVentiv Health as the interested party reported in PPD’s October 14 filing with the SEC, in which it revealed the existence of a possible rival bid for the company, but did not name the potential bidder.

Citing unnamed sources familiar with the sales process, Bloomberg said PPD would not give InVentiv complete information unless the potential bidder had fully committed financing for its offer. The sources also indicated that PPD was reluctant to provide too much confidential information to a rival company.

InVentiv, based in Burlington, MA, provides sales, marketing, development and strategic consulting services to the pharmaceutical and biotechnology industries.

InVentiv reportedly also indicated interest in acquiring PPD before the CRO’s deal with Carlyle and H&F was inked.

According to an SEC filing today, PPD has set November 29 as the date of a special shareholder meeting to approve the merger with Carlyle and H&F. The meeting agenda also includes an advisory vote by shareholders regarding the “golden parachute” packages for six PPD officers, should any be terminated within a year of the merger.

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