CVC Capital Partners VII, LP, fund managed by CVC Capital Partners Limited, Evolem and the management of April SA proposed to acquire remaining 35.1% stake in April SA (ENXTPA:APR) for approximately €310 million on December 29, 2018. Under the proposed transaction, CVC and Evolem proposed to acquire 14.4 million shares at the purchase price of €22 per share. In a related transaction, Evolem entered into exclusive negotiations with CVC Capital Partners regarding the transfer by Evolem of its majority shareholding in April SA to a takeover company controlled by funds managed by CVC in which Evolem would hold a minority stake alongside the funds controlled by CVC and APRIL's management. The transfer of the majority block would be carried out at a price of € 22 per APRIL share. This price could be subject to an adjustment equal to the cost incurred by APRIL at the date of transfer of the controlling block held by Evolem in connection with a proposed tax reassessment from the French tax administration. The price could also be reduced by any distribution which would occur prior to the completion of the block transfer. In accordance with applicable regulations, upon completion of the block transfer, the takeover company controlled by funds managed by CVC will file a simplified public tender offer for the remainder of APRIL’s share capital at the same price as paid to Evolem. A committee comprised of all of the April's independent Directors has been established for the transaction. In the event that, at the closing of the offer, the shareholders who did not bring their shares to the offer would not represent more than 10% of the capital and voting rights of April, CVC Capital Partners VII, LP, fund managed by CVC Capital Partners Limited, Evolem and the management of April SA intends to ask Autorité des marchés financiers, upon closing of the offer or within a period of three months following the closing of the offer, to implement a squeeze-out procedure in order to have transferred to it the shares not tendered to the offer. As of June 13, 2019, Evolem completed the sale of 64.91% stake in April SA at a price of €21.6 per April SA share. Accordingly, the simplified tender offer will be made at a price of €21.6 per share. On July 11, 2019, shareholders of April are advised to tender share as the offer will remain from July 11, 2019 till July 26, 2019. At the end of the OPA, if the public does not hold more than 10% of the shares, CVC will request the implementation of a squeeze-out procedure. The transaction is subject to customary closing conditions, including consummation of another acquisition where CVC Capital Partners Limited, Evolem and the management of April SA entered into exclusive negotiations to acquire Evolem's stake in April SA, Autorité des Marchés Financiers review and approval. The offer is not subject to any type of clearance under the merger control regulations. The Board of April SA unanimously recommended its shareholders to vote for the transaction. The implementation of the offer is expected to take place in the second half of 2019. Philippe Leroy and Catherine Meyer of Associés en Finance acted as an independent expert to assess the fairness of the financial terms of the offer for April SA. Deutsche Bank, Lazard Frères Banque and Natixis acted as sponsoring banks for the offeror. CVC Capital Partners VII, LP, fund managed by CVC Capital Partners Limited, Evolem and the management of April SA completed the acquisition of additional 12.5% stake in April SA (ENXTPA:APR) for approximately €110 million on July 26, 2019. CVC Capital Partners VII, LP, fund managed by CVC Capital Partners Limited, Evolem acquired 5.1 million shares and now hold 36.03 million shares.