JLL Partners begins offer for remaining PharmaNet shares

By Lisa Kerner

Charlotte, N.C., March 20 - JLL Partners, through PDGI Acquisition Corp., began a subsequent offering period for the remaining shares of PharmaNet Development Group, Inc.

The offering period will end at midnight ET on March 27, JLL said.

JLL completed its initial tender offer for PharmaNet shares on March 19, accepting a total of 17,876,946 shares, or 90.3% of PharmaNet's outstanding shares. Another 4,636,682 shares were tendered under guaranteed delivery procedures, according to JLL.

PharmaNet and JLL, a New York private equity firm, said they expect to complete the merger on March 30.

Once the merger is complete, PharmaNet will operate as a wholly owned subsidiary of JLL PharmaNet Holdings, LLC and its common stock will cease trading on the Nasdaq Global Select Market.

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

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