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PPD shareholders approve sale

WILMINGTON, NC (WWAY) — PPD shareholders have approved the Wilmington-based company’s sale to The Carlyle Group and affiliates of Hellman & Friedman. The vote came at a special meeting of shareholders today.

Approximately 96.4 percent of the shares voting at today’s special meeting voted in favor of the adoption of the merger agreement, which represented approximately 75.6 percent of the company’s total outstanding shares of common stock as of the October 24 record date, PPD said.

Upon consummation of the merger, the company’s shareholders will receive $33.25 in cash for each share of the company’s common stock. The transaction is subject to certain remaining customary closing conditions as set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the US Securities and Exchange Commission by PPD on October 28 and supplemented on November 14.

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