AllianzGI is an established, and the largest, shareholder in UDG Healthcare plc (UDG) with an 8.6 per cent notifiable interest in the shares in the company.  AllianzGI’s portfolio managers appreciate the intrinsic value of UDG’s business and its future potential. Having come through the trials of the pandemic with a strong balance sheet, AllianzGI believes UDG can realise the potential of recent acquisitions, consider further inorganic opportunities and improve the efficiency of its capital structure.

The offer made by Clayton Dubilier & Rice (CD&R) for UDG on 12 May 2021 implicitly supports AllianzGI’s view of UDG’s potential, but is at a price that does not adequately compensate existing shareholders for the opportunity foregone.

AllianzGI firmly believes that the offer is opportunistic and significantly undervalues UDG and its prospects and is not in the best interests of shareholders. Consequently, based on available information, AllianzGI is minded not to accept the current offer despite it being recommended to shareholders by the Board of UDG. 

AllianzGI is open to discussion and would like to use this statement to remind the Board of UDG of its duty to obtain a fair value for shareholders. 

Media contact:
Sarah Einig +44 203 246 7846 sarah.einig@allianzgi.com

About Allianz Global Investors:
Allianz Global Investors is a leading active asset manager with over 690 investment professionals in 23 offices worldwide and managing EUR 598 billion in assets for individuals, families and institutions.

Active is: Allianz Global Investors

Data as at 31 March 2021

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Recommendations should not necessarily be considered to be either objective or unbiased. AllianzGI may engage in transactions in a manner inconsistent with individual recommendations. The issuer of the funds named in this document, its employees as well as any further entities and its employees, including persons involved in the preparation or issuance of the information contained in this document are members/employees of AllianzGI and its affiliates. Accordingly, information included in this document or information referred to in this document but not explicitly included in it is not independent from the proprietary interests of AllianzGI and its affiliates, which may conflict with your interests.

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• Internal policies, procedures, guidance and regular training on the identification of possible conflicts of interest as and when they arise;
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AllianzGI currently manages a net long position of 8.6% of the total issued share capital of UDG and may continue transacting in UDG’s shares.

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