BioClinica Increases Offer to Buy etrials Worldwide
Thursday, May 21, 2009
BioClinica, formerly Bio-Imaging Technologies, increased the value of its offer to acquire troubled eClinical vendor etrials Worldwide in response to an unsolicited offer received by etrials from an unrelated third party.
Under the terms of the amended acquisition agreement, the cash portion of the agreement increased to $0.62 in cash per share, up from $0.15 in the original offer. The remainder of the original agreement remains the same.
The sale will be consummated through a tender offer for all outstanding shares of etrials stock. For each share of etrials stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and $0.62 in cash (up from $0.15 in the original offer), which equates to a value of $1.35 per share for etrials. Stockholders with 33% of etrials outstanding shares have already agreed to tender their shares, and the tender offer is expected to expire on or about June 20, 2009.
“I’m pleased that we are continuing to move forward with this acquisition given its strategic fit and benefit to our shareholders, customers and employees,” said etrials president and CEO M. Denis Connaghan in a company statement.