ERT Announces Acquisition by Genstar Capital for $8/Share

eResearchTechnology

today announced that it has entered into a definitive agreement to be acquired by affiliates of Genstar Capital LLC, a leading middle market private equity firm for $8.00 per share in cash in a transaction valued at approximately $400 million. The proposed transaction has been approved unanimously by the ERT Board of Directors, following a recommendation by a Special Committee of independent directors, and recommends that ERT shareholders approve the transaction. The $8.00 per share purchase price represents a premium of approximately 38% over ERT's average closing share price for the 90 trading days ending on April 9, 2012 and 42% over the 52-week average. Elam M. Hitchner, III, Chairman of the Special Committee, announced: "After completing a sale process conducted by J.P. Morgan, and careful and thorough analysis, together with our independent advisors, the Special Committee and our Board endorsed this transaction as being in the best interest of the Company and our stockholders. We are pleased that this transaction appropriately recognizes the value of ERT as one of the leading vendors to the pharmaceutical industry, while providing our stockholders with an immediate cash realization for their investment in ERT."