Majority Of Shareholders Approve PPD Sale

By Jenny Callison, posted Nov 30, 2011
PPD's Wilmington headquarters building.

PPD shareholders today gave a thumbs-up to the contract research organization’s planned merger with investment firms The Carlyle Group and Hellman & Friedman.

At Wednesday’s special shareholder meeting in Wilmington, holders of about 75 percent of PPD’s outstanding shares of common stock were represented. In a news release Wednesday afternoon, PPD announced that more than 96 percent of the votes approved the merger.

The shares voting at the meeting represented a quorum of the company’s total outstanding shares of common stock as of the merger record date of October 24. The overwhelmingly favorable vote came despite six lawsuits from shareholders who are claiming that the investment firms’ offered price of $33.25 per share undervalues the CRO.

Following today’s vote, the merger parties will complete a few customary legal procedures before closing the deal sometime in December.

Early this past summer, PPD began exploring the possibility of going private. On October 3, PPD ended speculation on its future plans with the announcement that it had entered into an agreement to be acquired by two private equity firms. In the merger agreement, the purchase price offered by Carlyle and H & F totaled $3.9 billion, or $33.25 per share.

During a 30-day “go shop” period following announcement of the merger agreement, PPD was allowed to search for higher bids, but no additional suitors came forward with firm offers.

Ico insights


Atromitos micheallegady headshot

What it takes: Lessons from an Entrepreneur

Michealle Gady - Atromitos
Headshotrosaliecalarco 1182131047

When Holiday Shopping With Credit Cards - Pick the Right Plastic

Mikestonestreetcropped 862150530

Going Virtual for Your HOA’s Annual Meeting? Read This First

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Wrightsville Beach Oceanfront Home Sale Tops May Record

Cece Nunn - Dec 1, 2021

Chamber Releases Economic Scorecard on Wilmington Region 

Johanna F. Still - Dec 1, 2021

Development Proposal Plants Commercial Space On Farm Land

Cece Nunn - Dec 3, 2021

Soup's On At New Asian Restaurant In Porters Neck

Jenny Callison - Dec 1, 2021

With Listening Sessions Complete, New Hanover Endowment Looks Ahead

Johanna F. Still - Dec 2, 2021

In The Current Issue

Seniors Find Health, Friends In Fitness

If there’s one word to describe the members of Sandy Sneakers, an exercise group for seniors, it’s “vivacious.” They have the energy of a 30...

A Look Back At Banking In 2021

Almost without exception, banks in the Wilmington market showed steady deposit growth as of the most recent FDIC Market Share Report....

Employers Monitor Vaccine Rules

With judicial review underway on the Biden administration’s vaccination mandate for businesses with 100 or more employees, leading employers...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100