Parexel's 4Q Results Slightly Better Than Expected; Remain Optimistic for Deal Close
Parexel released fiscal fourth-quarter results, revealing top-line growth slightly higher than expectations, which was offset by charges related to the upcoming buyout of the company by Pamplona Capital Management. Organic revenue declined 2%, which was an upside considering we had more bearish expectations for Parexel’s clinical research business. After the June announcement of Pamplona’s planned all-stock acquisition of Parexel, we raised our fair value estimate to the $88.10 offer price. We t...
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