Email sent on May 20, 2009 by M. Denis Connaghan, Chief Executive Officer of etrials Worldwide,
Inc., to employees of etrials Worldwide, Inc.
A quick update on todays news regarding the BioClinica acquisition.
Today it was publicly announced that BioClinica has increased their offer to acquire etrials in
response to an unsolicited offer from another company. Due to regulatory guidelines, I am unable to
divulge the companys name.
What this means is that the financial terms have become more favorable for etrials shareholders
from what was announced on May 5
th
. Under the new agreement, for each share of etrials
stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076
shares of newly issued Bio-Imaging preferred stock, and $0.62 in cash, which equates to a value of
$1.35 per share for etrials. This compares with the original offer which equated to a per share
value of $0.9068, which was comprised of the same amount of common and preferred stock, but
increased the cash portion from $0.15 in cash per share to $0.62 in cash per share. As was
previously the case, our Board has approved this amended merger agreement.
Other than an increase in the offer amount, the transaction remains on path as scheduled for a
close in the mid to late June timeframe and we are continuing to work towards that goal. That is
essentially all there is to it, but for more information, I recommend you read the press release on
our Web site.
Thanks,
Denis
Denis Connaghan
etrials
4000 Aerial Center Parkway
Morrisville, NC 27560
Phone:
919.653.3412 |
Fax:
919.653.3620
Denis.Connaghan@etrials.com | http://www.etrials.com
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