UPDATE: Citi Downgrades eResearch Technology; Removes PT

According to a research report published earlier today, Citi has downgraded eResearch Technology

from Buy to Neutral, and has removed its $6 PT. In the report, Citi commented, “eResearch Technology (

) announces today that it is being taken private by middle market private equity firm Genstar Capital, for $8.00 per share in cash, with the transaction valuing the company at about $400 million. The offer price represents only a 5% premium to yesterday's close price, as news of a pending deal had previously been reported on. Genstar has various other life science/CRO assets that could be leveraged and bundled with ERT's offerings, enhancing the value of both assets.” eResearch Technology is currently trading at $7.91.