Britain’s Clinigen Group Plc has agreed to a sweetened takeover offer by UK-based private equity firm Triton, valuing the pharmaceutical services firm at about $1.78bn.
Shareholders in Clinigen, whose top investor is hedge fund Elliott, will receive 925 pence per share in cash, up from a December bid of 883 pence apiece.
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New York-based Elliott, which had been raising its holding in Clinigen over the past few months amid reports it was seeking a break-up of the group, owns a 10.5% stake in the British company, according to Refintiv Eikon data.
The latest offer by Triley Bidco, a newly created company indirectly owned by Triton Funds, is final and is recommended by the Clinigen board, the companies said in a joint statement.
Triton’s first offer made in December valued Clinigen, which provides healthcare professionals and their patients with access to medicines, at about 1.2 billion pounds.
Source: FX Empire
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