JLL Partners, PharmaNet merger granted German approval

By Lisa Kerner

Charlotte, N.C., March 18 - The German Federal Cartel Office approved JLL Partners, Inc.'s tender offer for all of the outstanding shares of common stock of PharmaNet Development Group, Inc. and the subsequent merger, it was announced on Wednesday.

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 offer was extended to midnight ET on March 19 from March 12 to allow JLL time to obtain the German Federal Cartel Office approval.

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of 17,286,075, or 87.32%, of the outstanding shares of common stock of PharmaNet had been validly tendered and not withdrawn, according to JLL.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

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