PAREXEL buy ClinPhone

PAREXEL announced that the Boards of PAREXEL International and ClinPhone plc, a company traded on the London Stock Exchange, ("ClinPhone") have reached agreement on the terms of a recommended proposal whereby awholly owned subsidiary of PAREXEL will acquire the entire issued and to beissued ordinary share capital of ClinPhone.

With headquarters in Nottingham, United Kingdom, ClinPhone is one of the world's leading clinical technology organizations. The acquisition is based on the offer price of 135 pence in cash for each ClinPhone share. The offer price represents a premium of 86 percent to the ClinPhone share price on the London Stock Exchange of 72.5 pence.

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UPDATE: Quintiles Transnational, a U.S.-based pharmaceutical services company, is weighing a counterbid for Britain's Clinphone (CNP1.L: Quote, Profile, Research, Stock Buzz) that would trump an $182 million agreed bid from biotech firm Parexel International (PRXL.O: Quote, Profile, Research, Stock Buzz).