Bio-Imaging Technologies of Newtown, PA, has offered to acquire etrials Worldwide of Morrisville, NC, in a stock-and-cash transaction.
For each share of etrials stock, shareholders would receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and 15¢ in cash per share, which equates to a value of 9¢ per share for etrials, representing a 27% premium over the stock's average closing price for the past 30 days.
Stockholders owning approximately 33% of etrials outstanding shares have agreed to tender their shares and plan to vote in favor of the proposed acquisition. The tender offer is expected to expire on or around June 15.
etrials Worldwide provides software and services to pharmaceutical, biotechnology, medical device, and contract research organizations.
Bio-Imaging Technologies, d/b/a BioClinica, provides global clinical trials services to support drug and product development through the clinical trial process.
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Bio-Imaging to develop quantitative CTA software, March 30, 2006
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