The US private equity firm Clayton, Dubilier & Rice has moved a step closer to its takeover of UDG Healthcare after raising its offer to £2.8bn and winning backing from big shareholders.

CD&R has increased its offer to £10.80 a share as signalled last week, after its earlier bid of £10.23 a share in May met opposition from some of UDG’s largest investors. The UDG board has recommended that shareholders accept the offer, and said it had not received any rival buyout proposals.

The FTSE 250 listed firm’s share price rose 0.5% to £10.71 on Tuesday, valuing the company at £2.7bn. Dublin-based UDG employs 9,000 people and provides advisory, communications, commercial, clinical and packaging services to the healthcare industry. It counts the top 30 pharma companies among its clients.

Read more/Source: The Guardian