Investor Alert

May 12, 2021, 2:43 a.m. EDT

UDG Healthcare agrees to $3.69 billion takeover

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By Ian Walker

UDG Healthcare PLC said Wednesday that it has agreed to a 2.61 billion-pound ($3.69 billion) takeover by Clayton, Dubilier & Rice, LLC affiliate Nenelite Ltd.

Under the deal, accepting UDG shareholders will get 1,023 pence in cash for each share held, a 21% premium to its closing price of 842.0 pence on Tuesday.

"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," Chairman Shane Cooke said.

He said the offer reflects the "quality, strength and long term performance" of UDG's businesses and its future growth potential.

Nenelite is a new private company established to make the acquisition and is an affiliate of CD&R Funds X and XI.

Write to Ian Walker at ian.walker@wsj.com

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