PHILADELPHIA, June 6, 2012 /PRNewswire/
-- eResearchTechnology, Inc. (ERT), (Nasdaq: ERT), a global
technology-driven provider of health outcomes research services to
biopharmaceutical sponsors and contract research organizations,
today announced that Genstar Capital LLC was informed that it
received clearance from the German Federal Cartel Office to proceed
with its proposed acquisition of ERT.
The transaction has been approved unanimously by the ERT Board
of Directors, following a recommendation by a Special Committee of
independent directors, and the ERT Board of Directors recommends
that ERT stockholders approve the transaction. At a meeting
scheduled to occur on June 22, 2012,
ERT's stockholders will vote on the approval of the merger
agreement pursuant to which ERT has agreed to be acquired by
affiliates of Genstar Capital LLC for $8.00 per share in cash.
About ERT
ERT (www.ERT.com) is a global technology-driven provider of
health outcomes research services and customizable medical devices
supporting biopharmaceutical sponsors and contract research
organizations (CROs) to achieve their drug development and
healthcare objectives. ERT harnesses leading technology coupled
with unrivaled processes and scientific expertise to collect,
analyze, and report on clinical data to support the determination
of health outcomes critical to the approval, labeling and
reimbursement of pharmaceutical products. ERT is the
acknowledged industry leader in centralized cardiac safety and
respiratory efficacy services and also provides electronic Patient
Reported Outcomes (ePRO) and outcomes assessments for multiple
modalities across all phases.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity
firm that has been actively investing in high quality companies for
more than 20 years. Based in San
Francisco, Genstar works in partnership with its management
teams and its network of operating executives and strategic
advisors to transform its portfolio companies into industry-leading
businesses. Genstar has more than $3
billion of committed capital under management and targets
investments focused on selected sectors within the life science,
healthcare services, software and software services, insurance and
financial services, and industrial technology industries.
Forward-Looking Statements
Statements included in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks and uncertainties, which could cause actual results
to differ materially from those expressed or implied from such
statements. These risks and uncertainties include, without
limitation, the timing of the special meeting of
stockholders. Other risks and uncertainties that may affect
forward-looking statements are described in the "Risk Factors"
section and elsewhere in the company's Annual Report on Form 10-K
as filed with the Securities and Exchange Commission (SEC) on
March 2, 2012. The Company undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. ERT's ability to complete the transaction is
dependent upon stockholder approval and other customary closing
conditions, not all of which are within the control of ERT or
Genstar.
Additional Information and Where to Find It
ERT has filed a definitive proxy statement with the SEC. ERT'S
SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT BECAUSE IT
CONTAINS IMPORTANT INFORMATION. ERT's stockholders will be mailed a
copy of the definitive proxy statement and a proxy voting card and
may otherwise obtain, without charge, a copy of the proxy statement
and other relevant documents filed with the SEC from the SEC's
website at www.sec.gov. ERT's stockholders will also be able to
obtain, without charge, a copy of the proxy statement and other
relevant documents (when available) by going to the Investors
section of ERT's corporate website, www.ERT.com, or directing a
request by mail or telephone to ERT, 1818 Market Street,
Philadelphia, PA 19103-3638 –
Attention Investor Relations.
ERT and its directors and officers may be deemed to be
participants in the solicitation of proxies from ERT's stockholders
with respect to the special meeting of stockholders that will be
held to consider the merger. Information about ERT's directors and
executive officers and their ownership of ERT's common stock is set
forth in the definitive proxy statement. Stockholders may obtain
additional information regarding the interests of ERT and its
directors and executive officers in the merger, which may be
different than those of the company's stockholders generally, by
reading the definitive proxy statement and other relevant documents
regarding the merger.
ERT Contact:
Keith Schneck
ERT
215-282-5566
Genstar Contact:
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
SOURCE eResearchTechnology, Inc. (ERT)