JLL Partners' planned acquisition of PharmaNet clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Feb. 18 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed acquisition of PharmaNet Development Group, Inc. by JLL Partners, Inc. affiliate PDGI Acquisition Corp.

PDGI's $5-per-share cash offer for all outstanding shares of PharmaNet will expire at midnight ET on March 12 unless extended.

JLL, a New York private equity firm, said it will follow the tender offer with a second-step merger in which any shares of PharmaNet not tendered will be converted into the right to receive the same $5-per-share consideration.

PharmaNet said its board of directors is recommending shareholders tender their shares in the offer, which values the company's stock at approximately $100 million.

A $250 million equity commitment from JLL will be used to finance the transaction and to retire the $144 million principal amount of the Princeton, N.J., drug development services company's outstanding convertible notes, according to a prior news release.

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