(Alliance News) - UDG Healthcare PLC on Monday noted that the High Court of Ireland has sanctioned its takeover by Clayton, Dublier & Rice, meaning that all conditions for the acquisition have been fulfilled.
In May, the Dublin-based healthcare services provider had accepted an offer by Nenelite Ltd, affiliate of private equity manager Clayton, Dubilier & Rice to acquire UDG for GBP2.61 billion in total, or 1,023 pence per share.
In late June the bid was increased to GBP2.78 billion, or 1,080p per share.
Shares in UDG Healthcare were marginally lower at 1,076.50 pence on Monday in London.
However, on sanctioning the scheme, the court has granted a short stay after considering an application from a retail shareholder, who made objections to the scheme but which were dismissed by the court.
The stay will be in effect until Thursday, during which no steps can be made to put the scheme into effect.
UDG said that it and Nenelite intend to proceed to completing the takeover once the stay is lifted, should there be no extension made by the Court of Appeal.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
