Leading UDG Healthcare investor opposes €3bn sale of company

Allianz Global Investors, which has an 8.6% holding in UDG, says offer for the company from private equity firm is 'opportunistic and significantly undervalues UDG and its prospects'

Sale of UDG Healthcare to private equity firm Clayton, Dubilier & Rice for €3bn was recommended to shareholders by the board of UDG.

The largest shareholder in Irish-headquartered healthcare services group UDG Healthcare has said a $3.7bn (€3bn) offer for the company from private equity firm Clayton, Dubilier & Rice is “opportunistic and significantly undervalues UDG and its prospects”.

Allianz Global Investors, which has an 8.6% holding in UDG, said it was “minded not to accept the current offer despite it being recommended to shareholders by the board of UDG”.