JLL Partners extends tender offer for PharmaNet

By Lisa Kerner

Charlotte, N.C., March 13 - JLL Partners, Inc. extended its tender offer for all of the outstanding shares of common stock of PharmaNet Development Group, Inc. to midnight ET on March 19 from March 12.

The extension will allow JLL to make a necessary premerger notification to the German Federal Cartel Office seeking approval for the tender offer and subsequent merger, JLL said.

As of March 12, a total of approximately 17,286,075, or 87.32%, of the outstanding shares of common stock of PharmaNet had been validly tendered and not withdrawn, according to JLL.

The total does not include 4,817,627 shares tendered under guaranteed delivery procedures.

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.

As previously reported, JLL began its $5-per-share tender offer for PharmaNet, a Princeton, N.J., drug-development services company, on Feb. 12 through its affiliate, PDGI Acquisition Corp.

The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in February.

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