Recipharm Holdings Limited entered into an agreement to acquire Consort Medical plc (LSE:CSRT) from Directors of Consort and others for approximately £500 million on November 18, 2019. Under the terms of transaction, each shareholder of Consort will be entitled to receive £10.1 in cash per share. Recipharm has received irrevocable undertakings to accept offer from Consort Directors who hold 0.2% of existing ordinary share capital of Consort. The proposed acquisition will be fully financed through bank facilities arranged and made available by Danske Bank A/S and DNB Bank ASA, Sweden Branch, including a bridge facility of SEK 2 billion (£160.8 million) with a 12 month maturity, pursuant to a SEK 1.3 billion (£104.52 million), €290 million (£248.39 million) and £250 million term loan, SEK 2 billion bridge loan (£160.8 million) and SEK 3 billion (£241.2 million) multicurrency revolving facilities agreement made between, among others, Recipharm AB, Danske Bank A/S and DNB Bank ASA, Sweden Branch. Following acquisition, the non-executive directors of Consort will each be expected to resign as a Consort Director upon completion of the proposed acquisition. The transaction is subject to customary closing conditions, including valid acceptances of the offer by the shareholders, antitrust approval, and third party clearance. Consort Board's support for the proposed acquisition and its unanimous recommendation to Consort shareholders to accept the offer. As of December 20, 2019, Recipharm notified Competition and Consumer Protection Commission, seeking approval on transaction. On January 14, 2020, Recipharm received German Competition Clearance. As on January 28, 2020, the transaction has been approved by the Irish Competition Authority. All competition authority approvals for the transaction have now been obtained. The transaction is expected to close in first quarter of 2020. The first closing of the deal is January 9, 2020. As of January 9, 2020, the closing date has extended to January 23, 2020. As of January 24, 2020, the offer date has been extended up to February 4, 2020. As of January 29, 2020, Recipharm does not intend to increase the offer price neither does it intend to extend the offer date. The proposed acquisition is financially compelling and expected to be significantly accretive to the Recipharm Group's cash earnings per share, with the potential for significant future growth and operating margin expansion. As of February 4, 2020, Recipharm received valid acceptances in respect of a total of 35,854,661 Consort Shares, representing approximately 72.6 % of Consort's entire issued share capital. All of the remaining conditions under the Offer have been satisfied (or, where applicable, waived) and therefore Offer has become unconditional in all respects. If any of the Consort Shareholders have not accepted the Offer and have not applied to the court in respect of all their holding of Consort Shares by April 2, 2020 (being six weeks from the date of the Compulsory Acquisition Notices), the Consort Shares held by those Consort Shareholders who have not accepted the Offer will be acquired compulsorily by Recipharm on the same terms as the Offer. The Offer will remain open for acceptances and is expected to complete on February 18, 2020. On February 17, 2020, Recipharm received acceptances of 45,594,690 representing 91.3% stake of Consort Shares. The remaining shares will be acquired through a compulsory acquisition. As on February 17, 2020, the transaction will remain open till April 2, 2020. Nicholas Shott, Dale Raine and James Hay of Lazard & Co., Limited and Gustaf Slettengren and Victor Kastensson of Lazard AB acted as financial advisors to Recipharm. Julian Oakley and Alan Beirne of Evercore Partners International LLP acted as financial advisers to Consort and Consort Directors. Clifford Chance LLP and Setterwalls Advokatbyrå are acting as legal advisers to Recipharm AB and Recipharm. Allen & Overy LLP is acting as legal adviser to Consort. Karen Davies and Tim Rennie of Ashurst acted as legal advisor to Lazard & Co., Limited in the transaction.