Tiancheng International Investment Limited made an offer to acquire Biotest Aktiengesellschaft (DB:BIO3) from OGEL GmbH, Kreissparkasse Biberach GmbH, J O Hambro Capital Management Limited, LBBW Asset Management Investmentgesellschaft mbH and others for approximately €940 million on March 29, 2017. Tiancheng offered €28.5 per ordinary share and €19 per preference share of Biotest. As on April 7, 2017, Tiancheng International entered into a business combination agreement to acquire Biotest. On May 4, 2017, Tiancheng entered into a facility agreement with, amongst others, China Merchants Bank Co., Ltd. Offshore Banking Center for a 2-year term loan facility of €940 million to facilitate the offer settlement. Under the terms of the business combination agreement, Tiancheng has agreed to maintain Biotest's corporate seat in Dreieich, to maintain Biotest's corporate name, brand and product names, and also to increase employment levels consistent with the current management business plan and to adhere to existing shop and collective bargaining agreements and employee co-determination. There will be no change to the employment or management of Biotest. Tiancheng intends to initiate delisting of Biotest pursuant to the offer. The offer will be subject to certain closing conditions, including regulatory approvals and a minimum acceptance threshold of 75% of Biotest's ordinary shares. The deal is subject to final negotiations of a business combination agreement and an agreement with Biotest's majority shareholder, OGEL GmbH, as well as finalization of due diligence and the required financing measures. The deal is also subject to issuance of merger control approval by the competent authority in Turkey, foreign investment control approval in the Federal Republic of Germany by the Federal Ministry for Economic Affairs and Energy, and in the United States by the Committee on Foreign Investments in the United States (CFIUS). All the approvals are expected to be received by August 2017. Biotest's majority shareholder, OGEL GmbH, supports the transaction and has entered into an agreement with Tiancheng to irrevocably accept the offer and to tender its shares, which represent 50.61% of all outstanding ordinary shares. The Management Board and Supervisory Board of Biotest welcome and support the voluntary takeover offer. The members of the Management Board intend to accept the offer and to tender their personal shares. As of May 1, 2017, FTC granted the early termination notice. On May 4, 2017, the transaction received approval from merger control in the US while on May 17, 2017, the transaction received approval from the German Federal Financial Supervisory Authority (BaFin). As on May 18, 2017, the tender offer commenced with expected closing on June 15, 2017. The terms of the offer also provide a provision of additional acceptance with or without amendments under certain circumstances between June 22, 2017 and July 5, 2017. As on June 1, 2017, the Management Board and Supervisory Board of Biotest recommended that shareholders accept the offer. On June 13, 2017, Kreissparkasse Biberach GmbH, Asset Management Arm tendered its 15.17% stake in Biotest Aktiengesellschaft (DB:BIO3). As on June 14, 2017, the shareholders of Biotest approved the offer by fulfilling the minimum acceptance rate of 75% outstanding Biotest shares. The offer has been accepted for 15.2 million shares which represent 77.05% of voting share capital and 38.5% of total share capital of Biotest and 0.08 million preference shares which correspond to 0.22% of total share capital of Biotest. The shareholders who have not tendered their shares can accept the offer by tendering their shares during the additional acceptance period which is expected to begin on June 22, 2017 and end on July 5, 2017. The final completion of the transaction is still subject to merger control in Turkey as well as regulatory approvals. As on June 22, 2017, the mandatory additional acceptance period for Biotest offer has begun. As on July 7, 2017, the offer has been accepted for 17.7 million Biotest ordinary shares representing 44.94% of the total share capital of Biotest and 0.2 million preference shares representing 0.54% of the total share capital of Biotest. On August 22, 2017, merger control approval in Turkey was received. On November 7, 2017, the Committee on Foreign Investment in the United States informed the parties in writing that that the tender offer by Tiancheng to the shareholders of Biotest AG raises national security concerns of the United States. Tiancheng and Biotest AG decided to withdraw their notice and to refile a new application with the request for an expedited review period. Bank of America Merrill Lynch acted as financial advisor to Creat Group, (an indirect minority parent of Tiancheng) and Credit Suisse acted as financial advisor to Biotest. Achim Herfs, Benjamin Leyendecker, Anna Schwander, Oded Schein, Mario Mancuso, Rory Mullarkey, Sarah Jordon, Michael Robert-Smith, Sina Becker, Sebastian Häfele, Katharina Hohmann, Maximilian Heufelder, Felix Keinath, Marlene Ruf, Isabell Ruttloff, Daniel Hiemer, Nathan Davis, Robert McLellarn, Lucille Hague and Bo Chang of Kirkland & Ellis International LLP acted as legal advisors to Tiancheng. Reinhard Eyring, Martina Rothe and Philip Cavaillès of Ashurst acted as legal advisor to Biotest. Johannes Perlitt and Thomas Stoll of Jones Day acted as legal advisors to Ogel. Baader Bank Aktiengesellschaft acted as settlement agent for Tiancheng. Timothy Democratis, Bettina Steinhauer, Dean Bao, Sabrina Bremer, Alexander Hansen Diaz, Fiona Zhang and Quentin Liu of Clifford Chance, Hong Kong acted as the legal advisors for Tiancheng.