PHILADELPHIA, June 22, 2012 /PRNewswire/ --
eResearchTechnology, Inc. (Nasdaq: ERT), a global technology-driven
provider of health outcomes research services to biopharmaceutical
sponsors and contract research organizations, announced today that
at a special meeting of stockholders held this morning, its
stockholders approved, among other things, the proposal to adopt
the Agreement and Plan of Merger, dated as of April 9, 2012, pursuant to which ERT will be
acquired by affiliates of Genstar Capital LLC, a leading middle
market private equity firm for $8.00
per share in cash.
Approximately 77.5% of the shares of ERT common stock issued and
outstanding as of the close of business on May 18, 2012, the record date for the special
meeting, were represented in person or by proxy at the special
meeting. Approximately 99.2% of the shares represented in
person or by proxy at the special meeting, constituting
approximately 77.0% of the total number of shares of ERT common
stock issued and outstanding as of the record date, voted in favor
of the proposal to adopt the merger agreement.
The completion of the acquisition of ERT by Genstar is subject
to the satisfaction of closing conditions set forth in the Merger
Agreement and discussed in ERT`s definitive proxy statement filed
with the Securities and Exchange Commission on May 21, 2012.
About ERT
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.
Forward-Looking Statements
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 risk that the closing conditions are not met and
that the transaction with Genstar is not completed. 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 customary
closing conditions, not all of which are within the control of ERT
or Genstar.
ERT Contact:
Keith Schneck
ERT
215-282-5566
Genstar Contact:
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
SOURCE ERT