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.
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.
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.
Chris Tofalli Public Relations
SOURCE eResearchTechnology, Inc. (ERT)