Allianz Global Investors, the largest shareholder in Dublin-listed UDG Healthcare, has backed a €3.15bn bid for the company by Clayton Dubilier & Rice (CD&R). That would lift the overall price for UDG to about £2.7bn (€3.15bn) from £2.6bn. Other institutional shareholders of UDG have indicated their willingness to vote in favour of the increased final offer, the statement added. Allianz had described the initial bid of £10.23 per share for UDG, which was announced on May 12, as “opportunistic and significantly undervalues UDG and its prospects”. The takeover of the company is to be implemented by way of a Scheme of Arrangement, under which CD&R would need to get 75pc approval from voting shareholders in UDG.

Source: Irish Independent June 29, 2021 06:45 UTC