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UDG Healthcare agrees £2.6bn private equity offer


UDG Healthcare PLC (LON:UDG) announced it is recommending a £2.6bn cash offer put forward by private equity firm Clayton, Dubilier & Rice.

Under the terms of the acquisition, shareholders will receive 1,023p per share, which is a premium of 21.5% on Tuesday’s closing price.

The board of directors unanimously voted in favour and recommend shareholders to approve the deal, the healthcare services provider said.

“While the UDG board remains confident in the long term fundamentals of the group, we believe that this is an attractive offer for UDG shareholders, which secures the delivery of future value for shareholders in cash today,” said the firm’s chairman Shane Cooke.

“The offer reflects the quality, strength and long term performance of UDG’s businesses and its future growth potential.”

In a separate announcement, the FTSE 250 firm tweaked full-year guidance, with adjusted operating profit growth expected to be 12-14%, instead of 11-13% set previously, and adjusted diluted earnings per share (EPS) growth to be 10-12% instead of 9-11%.

UDG expects better results after acquiring Nuvera, a US-based patient solutions consultancy focused on the rare disease and speciality therapeutic markets, for up to US$36mln

In the six months to 31 March, revenue dipped 5% to US$661mln, with profit before tax up 5% to US$65mln. Diluted EPS came in at 20.35 cents, while net debt at period-end was US$34mln.

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