Private equity firm poised to sweeten UDG bid after investor opposition (Adds deal details, background) June 25 (Reuters) – Private equity firm Clayton, Dubilier & Rice (CD&R) was planning to increase its offer to buy UDG Healthcare to 2.72 billion pounds ($3.79 billion), the London-listed company said on Friday, following investor opposition to a previously agreed bid.Ireland-based UDG said the potential 1,080 pence per share offer would be CD&R’s final, adding that it plans to recommend the proposal.In May, both the companies had agreed to a 1,023 pence per share offer.While UDG’s board backed the first offer, its largest shareholder Allianz Global Investors said last month the bid was “opportunistic and significantly undervalues UDG and its prospects”.Activist investor Elliott took a stake in UDG weeks after the first offer was made, while media reports said investor M&G was also not in favour of CD&R’s previous proposal.UDG said on Friday it had not received any other buyout proposals.
($1 = 0.7182 pounds) (Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta) First Published: 2021-06-25 08:21:03 Updated 2021-06-25 08:53:50 Â© 2021 Thomson Reuters.All rights reserved.Reuters content is the intellectual property of Thomson Reuters or its third party content providers.Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon.”Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
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