HE march of US personal equity into London mentioned shares continued today with a £2.6 billion bid for UDG Healthcare.
Clayton, Dubilier & Rice is shelling out 1023p a share for the health care outsourcing business enterprise, a more than 20% top quality to the price tag past night.
That quality appears indicative of the view that overseas investors value several Uk enterprises much more very than the City does.
And that non-public equity is sitting on a substantial dollars pile — $1.7 trillion well worth by some estimates – that it is hunting to deploy publish pandemic.
Health care discounts in particular are very likely to prove desirable at the instant.
UDG, which is headquartered in Dublin, specialises in healthcare advisory, communications, business, clinical and packaging providers.
UDG Chairman Shane Cooke mentioned: “We believe that this is an interesting offer you for UDG shareholders, which secures the supply of potential value for shareholders in funds these days.”
The shares moved in to line with the bid price, indicating that the market place expects the offer to go through.
UDG has two divisions – Ashfield and Sharp – and employs about 9,000 persons in 29 nations around the world.
CD&R associate Eric Rouzier mentioned: “UDG has prolonged founded itself as a primary supplier of higher-value products and services to pharma and biotech providers globally, supported by a extremely competent workforce.”
CD&R was founded in 1978, making it just one of the most lengthy-standing private equity residences. It has stakes in B&M Retail, Hertz and Kinko’s among numerous other folks.
UDG also noted 50 %-yr final results to the conclusion of March, showing profit up 10% at $82 million on income down 5% at $664 million.