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Cambrex's $2.4B acquisition by Permira passes 45-day go-shop period

Cambrex Corp. said a 45-day go-shop period under the company's $2.4 billion acquisition by London-based private equity firm Permira Advisers Ltd. has expired.

The period allowed Cambrex to solicit competing offers and its expiration clears the way for the $60-per-share cash transaction. A committee of Cambrex's board entertained 77 potential bidders, which resulted in eight potential bidders entering into a confidentiality agreement with the company.

The eight bidders were allowed to access nonpublic information about the company. However, as of the end of the 45-day period, the company had not received any alternative acquisition proposals from the bidders.

Following the period's expiration, Cambrex is now subject to no-shop restrictions on its ability to solicit proposals from third parties, subject to certain exceptions.

The merger is expected to close during the fourth quarter of 2019, subject to certain conditions, including stockholder and regulatory approvals.

Morgan Stanley & Co. LLC is acting as exclusive financial adviser to Cambrex, while Kirkland & Ellis LLP is serving as its legal adviser.

East Rutherford, N.J.-based Cambrex offers drug substance, drug product and analytical services for the small molecule industry.