UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
ERESEARCH TECHNOLOGY, INC.
-----------------
(Name of Issuer)
Common Stock
-----------------------------
(Title of Class of Securities)
29481V108
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 14, 2005
--------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 8
CUSIP NO. 29481V108 SCHEDULE 13D Page 2 of 8
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1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION California
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,499,990**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,499,990**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,499,990**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.9%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 29481V108 SCHEDULE 13D Page 3 of 8
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,499,990**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,499,990**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,499,990**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.9%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 29481V108 SCHEDULE 13D Page 4 of 8
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP II, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3395150
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,499,990**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,499,990**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,499,990**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.9%**
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14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 29481V108 SCHEDULE 13D Page 5 of 8
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1. NAME OF REPORTING PERSON RICHARD C. BLUM
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 7,499,990**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 7,499,990**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,499,990**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.9%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
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** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 29481V108 SCHEDULE 13D Page 6 of 8
Item 1. Security and Issuer
----------------------------
This Amendment No. 1 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
February 3, 2005 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum L.P."); Richard C. Blum & Associates, Inc., a California
corporation ("RCBA Inc."); Blum Strategic GP II, L.L.C., a Delaware limited
liability company ("Blum GP II"); and Richard C. Blum, the Chairman and a
substantial shareholder of RCBA Inc. and a managing member of Blum GP II
(collectively, the "Reporting Persons"). This amendment relates to shares
of common stock, $.01 par value (the "Common Stock") of eResearch Technology,
Inc., a Delaware corporation (the "Issuer"). The principal executive office
and mailing address of the Issuer is 30 South 17th Street, Philadelphia,
Pennsylvania 19103. The following amendments to the Schedule 13D are
hereby made. Unless otherwise defined herein, all capitalized terms shall
have the meanings ascribed to them in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's most recent Form 10-K, there were 50,399,265
shares of Common Stock issued and outstanding as of March 3, 2005. Based on
such information, after taking into account the transactions described in Item
5(c) below, the Reporting Persons report beneficial ownership of the following
shares of Common Stock: (i) 5,471,690 shares of Common Stock held by Blum L.P.
and RCBA Inc. on behalf of the limited partnerships for which Blum L.P. serves
as the general partner, or on behalf of an entity for which Blum L.P. serves as
investment advisor, which represents 10.9% of the outstanding shares of the
Common Stock; (ii) 1,672,900 shares of the Common Stock held by Blum GP II on
behalf of the limited partnership for which it serves as the general partner
and on behalf of the limited partnership for which it serves as the managing
limited partner, which represents 3.3% of the outstanding shares of the Common
Stock; and (iii) 177,700 shares of the Common Stock that are legally owned by
The Nuclear Decommissioning Trust of Dominion Nuclear Connecticut, Inc.
("Dominion Connecticut") and 177,700 shares of the Common Stock that are
legally owned by Virginia Electric and Power Company Qualified Nuclear
Decommissioning Trust ("Virginia Electric") (collectively, the "Investment
Advisory Clients"), with respect to which Blum L.P. has voting and investment
power. Each Investment Advisory Client has entered into an investment
management agreement with Blum L.P., but neither Investment Advisory Client
has any contract, arrangement or understanding with the other Investment
Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the
Common Stock. Each Investment Advisory Client disclaims membership in
a group with any Reporting Person or with the other Investment Advisory
Client, and each disclaims beneficial ownership of any shares beneficially
owned by the Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely by
Blum L.P. and Blum GP II. The Reporting Persons therefore may be deemed
to be members in a group, in which case the group would be deemed to have
CUSIP NO. 29481V108 SCHEDULE 13D Page 7 of 8
beneficial ownership of an aggregate of 7,499,990 shares of the Common Stock,
which is 14.9% of the outstanding Common Stock. As the sole general partner
of Blum L.P., RCBA Inc. is deemed the beneficial owner of the securities over
which Blum L.P. has voting and investment power. As Chairman, director and a
substantial shareholder of RCBA Inc., Richard C. Blum might be deemed to be
the beneficial owner of the securities beneficially owned by RCBA Inc.
Additionally, Mr. Blum may be deemed to be the beneficial owner of the
securities over which Blum GP II has voting and investment power.
Although Mr. Blum is joining in this Schedule as a Reporting Person, the
filing of this Schedule shall not be construed as an admission that he,
or any of the other shareholders, directors or executive officers of
RCBA Inc., managing members and members of Blum GP II, is, for any purpose,
the beneficial owner of any of the securities that are beneficially owned
by RCBA Inc. or Blum GP II.
c) Since the most recent filing of Schedule 13D, the Reporting Persons
purchased the following shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
Investment partnerships for 03-11-05 441,200 11.4728
which Blum L.P. serves as the 03-14-05 935,143 11.5933
general partner and on behalf 03-15-05 360,800 11.6716
of an entity for which Blum L.P. 03-16-05 472,300 11.5918
serves as investment advisor. 03-17-05 203,000 11.7697
03-18-05 781,900 12.3453
03-21-05 384,200 12.2025
03-22-05 307,147 12.2426
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The limited partnerships for
which Blum GP II serves as the
general partner and the managing
limited partner.
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 03-11-05 41,800 11.4728
Clients for which Blum L.P. 03-14-05 65,400 11.5933
serves as investment advisor. 03-15-05 34,200 11.6716
03-16-05 40,200 11.5918
03-17-05 4,200 11.7697
03-18-05 30,600 12.3453
03-21-05 28,800 12.2025
03-22-05 23,600 12.2426
(d) and (e) Not applicable.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 29481V108 SCHEDULE 13D Page 8 of 8
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: March 24, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. RICHARD C. BLUM
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan, Attorney-in-Fact
General Counsel
CUSIP NO. 29481V108 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
Dated: March 24, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. RICHARD C. BLUM
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -------------------------------------
Gregory D. Hitchan Gregory D. Hitchan, Attorney-in-Fact
General Counsel