HarbourVest Partners Dover IX and Harbourvest Structured Solutions III L.P., funds of HarbourVest Partners, LLC made a bid to acquire SVG Capital Plc (LSE:SVI) from Coller International Partners V, L.P. managed by Coller International Partners V-A, L.P., Aviva plc (LSE:AV.), Legal & General Investment Management Limited, Old Mutual Global Investors and others for £1 billion on September 12, 2016. Under the terms of the transaction, HarbourVest will offer £6.5 for each share, performance shares, and deferred shares of SVG. The transaction will be financed by HarbourVest Partners Dover IX. If the offer becomes or is declared unconditional in all respects, the existing employment rights, including pension rights, of all employees of the SVG will be observed at least to the extent required by applicable law. HarbourVest has received an irrevocable undertaking to accept the offer from Coller International Partners V-A, L.P. in respect of 31.2 million SVG Capital's shares, representing approximately 20% of the issued share capital of SVG Capital as at September 9, 2016. HarbourVest has also received letters of intent to accept the offer from Aviva Plc and its subsidiaries, Legal & General Investment Management, Old Mutual Plc and Coller International Partners V-A, L.P. in respect of a total of 35.4 million SVG Capital's shares. The transaction is subject to due diligence investigation. As announced in October 5, 2016, the company feels the offer of £6.50 pence per share is superior. HarbourVest on attaining more than 75% stake, intends to procure that SVG Capital will make an application for cancellation of trading in SVG Capital shares on the London Stock Exchange's main market for listed securities and of the listing of SVG Capital shares on the premium listing segment of the Official List and HarbourVest will seek to re-register SVG Capital as a private limited company. HarbourVest on attaining more than 90% stake, intends to acquire compulsorily, on the same terms as the offer, the remaining SVG Capital shares in respect of which the offer has not at such time been accepted. The transaction is subject to acquisition of minimum 50% stake in SVG Capital Plc (LSE:SVI), approval by Financial Conduct Authority (FCA), London Stock Exchange, UK Competition and Markets Authority and the City Code as well as the applicable requirements of US federal securities laws. On September 15, 2016, the offer was rejected by SVG Capital. As on September 29, 2016, the Board of SVG Capital plc recommended the shareholders not to accept HarbourVest as the offer significantly undervalues SVG Capital. As announced on October 7, 2016, the offer will now expire on October 13, 2016. Old Mutual (LON:OML) has withdrawn its acceptance for the offer on October 10, 2016. As reported on October 18, 2016, HarbourVest announced that it will not extend the offer beyond October 18, 2016, provided the offer has not become unconditional as to acceptances at or before such time. SVG Board accepted the increased offer on October 19, 2016. Gary Gould, Tariq Hussain, Tom Harris and Stuart Klein of Jefferies International Limited acted as financial advisors to HarbourVest. Edward Berry and Edward Bridges of FTI Consulting LLP acted as public relations advisors to HarbourVest. Katherine Ashton, David J. Schwartz, Byungkwon Lim, Vera Losonci, Dominic Blaxill, Laurence Hanesworth, Thomas Matthews, Nicholas C. Cassin, Aaron J. Levy, Matthew D. Saronson, Richard Ward, Ceinwen Rees and Jacqueline Eaves of Debevoise & Plimpton LLP acted as legal advisors for HarbourVest. Slaughter and May acted as legal advisor for SVG Capital. Melanie Gee, Nicholas Millar and Denis Martin of Lazard acted as financial advisor to SVG Capital Plc. Conor Hillery, Mike Collar, Dwayne Lysaght and Adam Laursen of J.P. Morgan Cazenove and David Benda of Numis acted as broker and Neil Bennett and Tom Eckersley acted as public relations advisor to SVG Capital. Gleacher Shacklock LLP acted as financial advisor for Coller Investment Management. Conor Hillery of JPM acted as financial advisor to SVG Capital. Claire Coppel, Richard Cranfield and Seth Jones of Allen & Overy LLP acted as the legal advisors to the HarbourVest Partners LLC.