PPD shareholders have cleared the way for private equity firms to buy the CRO by voting in favour of the takeover.
At a meeting 96.4 per cent of attending PPD shareholders voted in favour of the $3.9bn (€2.9bn) takeover. The deal is still subject to certain closing conditions but once these are cleared each stockholder will receive $33.25 a share.
For PPD executives this amounts to a big payday. Shareholders voted in favour of ‘golden parachute’ payments totalling more than $20m. PPD founder Fred Eshelman will receive $6.7m and incoming CEO Raymond Hill, who took the job in September, is in line for a $3.1m payment.