UPDATE 1-Clinphone says has rejected takeover approach

Mon Feb 18, 2008 2:49am EST

(Adds detail, shares)

LONDON Feb 18 (Reuters) - British technology firm ClinPhone Plc CNP1.L said on Monday it had received a preliminary takeover approach from U.S. firm Parexel International (PRXL.O), but had rejected the offer.

The company, which helps researchers conduct clinical trials, said in a statement the indicated value materially undervalued the group and its prospects.

Boston-based Parexel, a biopharmaceutical services firm, added in a statement of its own that it was evaluating its options but there was no certainty a firm offer would be forthcoming.

It said the offer was likely to be solely in cash.

Shares in ClinPhone, which warned on profits twice last year, closed on Friday at 84.75 pence, valuing the company at 56 million pounds ($110.1 million).

It could not immediately be reached for further comment. (Reporting by John Bowker; Editing by Paul Bolding)

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