(Adds offer details, background)
June 29 (Reuters) - UDG Healthcare said on Tuesday private equity firm Clayton, Dubilier & Rice (CD&R) has raised its offer to buy the London-listed firm to 2.76 billion pounds ($3.83 billion).
UDG said the bid of 1,080 pence per share in cash is CD&R’s final offer and the Ireland-based company’s board unanimously recommended it.
CD&R’s initial offer of 1,023 pence per share in cash faced opposition from UDG’s top shareholder Allianz Global Investors, prompting an announcement last week that the private equity firm could raise its bid.
Allianz said on Monday it would back an offer of 1,080 pence apiece.
$1 = 0.7209 pounds Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta