30 Nov. 2011
WILMINGTON, N.C., (November 30, 2011) - Pharmaceutical Product Development, Inc. (Nasdaq: PPDI) today announced that its shareholders have voted to approve the adoption of the agreement and plan of merger, dated October 2, 2011, providing for the merger of the company with an entity controlled by affiliates of The Carlyle Group and affiliates of Hellman & Friedman, at a special meeting of shareholders held today.
Approximately 96.4% of the shares voting at today's special meeting of shareholders voted in favor of the adoption of the merger agreement, which represented approximately 75.6% of the company's total outstanding shares of common stock as of the October 24, 2011 record date. A quorum of 78.4% of the company's total outstanding shares of common stock as of the October 24, 2011 record date voted at the meeting.
Upon consummation of the merger, the company's shareholders will receive $33.25 in cash for each share of the company's common stock. The transaction is subject to certain remaining customary closing conditions as set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the U.S. Securities and Exchange Commission by PPD on October 28, 2011 and supplemented on November 14, 2011.