Consort Medical plc (LSE:CSRT) offered to acquire Carclo plc (LSE:CAR) for £85 million on May 29, 2018. Under the terms of the offer, the consideration will be paid in shares of Consort Medical plc, valuing each share of Carclo plc at £1.16 per share. Consort Medical plc reserves the right to introduce other forms of consideration and/or to vary the composition of consideration and also reduce the consideration by the amount of any dividend (or other distribution) which is paid or becomes payable by Carclo plc to its shareholders following the date of announcement. Consort Medical plc is required, by not later than July 30, 2018, to either announce a firm intention to make an offer for Carclo plc or announce that it does not intend to make an offer.

The Board of Carclo plc rejected the offer on June 1, 2018. Julian Oakley and Alan Beirne of Evercore Partners International LLP acted as financial advisors for Consort Medical plc. Walker Morris LLP acted as legal advisor to Carclo plc.