Allianz Global Investors backs sweetened offer for UDG Healthcare

Final price values the group at £2.7bn

Allianz Global Investors is backing UDG Healthcare's decision to accept an improved and final £2.76bn takeover by Clayton, Dubilier & Rice (CD&R).

Allianz Global Investors, which holds an 8.6% stake, said that an improved offer of £10.80 for the FTSE 250 pharmaceuticals industry services group from Clayton, Dubilier & Rice would "better reflect the fair value of UDG's shares". The initial offer of £10.23, made in May, was opposed by major shareholders Allianz Global Investors and M&G, which said it undervalued the company. Allianz GI appoints M&G's Brown as UK distribution head Rory Alexander, a fund manager at M&G, last week said while the group was "pleased" that CD&R had upped its bid, "a potential offer of £10.80 would ...