Monday, February 18, 2008

Parexel ponders path after ClinPhone nixes buyout

Parexel International Corp., a provider of clinical trials software and services, reports the company is considering its options after British competitor ClinPhone PLC rejected Parexel's preliminary buyout offer.

ClinPhone executives told Reuters in London that Waltham-based Parexel's initial offer undervalued the company and its future worth. Shares of ClinPhone opened at $95 per share Monday, up from a closing price of $86 per share last Friday on the London Stock Exchange.

Parexel confirmed last week it had made a bid for ClinPhone, noting the significant upward movement in ClinPhone's share price. The Waltham company did not reveal financial details of its bid to buy ClinPhone, but said any offer would likely be made in cash.

With 6,485 employees worldwide, Parexel reported a 2007 profit of $37.3 million on revenue of $918.1 million.