SOMERSET, N.J., July 21, 2010 (GLOBE NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV) ("inVentiv"), a leading provider of end-to-end clinical development, launch and commercialization services to the global pharmaceutical and healthcare industries, today announced that its stockholders approved the proposal to adopt the previously announced agreement and plan of merger, dated May 6, 2010, providing for the acquisition of inVentiv Health, Inc. by inVentiv Group Holdings, Inc. (formerly Papillon Holdings, Inc.), an entity created by certain affiliates of Thomas H. Lee Partners, L.P. (THL).
The affirmative vote of the holders of a majority of the outstanding shares of common stock of inVentiv was required to approve the proposal to adopt the merger agreement. According to the final tally of shares voted, approximately 74% of the outstanding shares of inVentiv common stock as of the close of business on June 15, 2010 (the record date) were voted to approve the proposal to adopt the merger agreement. Of the shares that were voted at the meeting, approximately 99% were voted to approve the proposal to adopt the merger agreement.
All approvals or consents required to consummate the merger under U.S. antitrust laws have been obtained or made, and accordingly, the related condition to the consummation of the merger set forth in the merger agreement has been fully satisfied. The consummation of the merger remains subject to the satisfaction or waiver of certain additional closing conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission by inVentiv on June 17, 2010. It is anticipated that the transaction will close in early August.Akerman Senterfitt LLP is acting as legal advisor to inVentiv. Goldman Sachs acted as financial advisor and Richards, Layton & Finger, P.A. is acting as legal advisor to the special committee of inVentiv's board of directors. Ropes & Gray LLP is acting as legal advisor to THL.