Morrisville, North Carolina-based Syneos Health, a biotechnology company offering contract research to assist companies with late-stage clinical trials, has announced that the company will be taken private by a consortium of investors including the notorious activist investor Elliott Investment Management. Elliot is known for extensive cost-cutting, personnel reductions, divestment of non-performing assets, large dividend transfers to shareholders, and management changes.
Elliot's hand in the operations is obvious as Syneos, earlier this year, began implementing cost management initiatives, including "right-sizing and realigning" its workforce while streamlining its organizational structure. The company also began evaluating its global facilities footprint.
According to Board Chairman John Dineen ...
"The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the company and all stakeholders. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future."
The deal is expected to close in the second half of this year, pending approval by Syneos shareholders and other closing conditions. After the deal closes, Syneos will become a private company.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?