(Adds detail, shares)
LONDON Feb 18 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
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)