PerkinElmer (UK) Holdings Limited entered into an agreement to acquire Immunodiagnostic Systems Holdings PLC (AIM:IDH) (IDS) from a group of investors for approximately £110 million on May 17, 2021. PerkinElmer will acquire 28.86 million shares at £3.82 per share. PerkinElmer will finance the cash consideration from its existing cash resources. Upon completion, IDS Shares to trading on AIM will be cancelled and IDS will be re-registered as a private limited company and will become an indirectly wholly owned subsidiary of PerkinElmer, Inc. The IDS Directors intends to unanimously recommend the shareholders of IDS to vote in favor of the transaction. Applications have been made for the suspension of trading in IDS Shares on the AIM market and such suspensions are expected to take effect on July 12, 2021. The transaction is subject to the approval from the shareholders of IDS, approval by the Court, third party approvals and regulatory approvals. The court meeting and the shareholder meeting will take place on July 1, 2021. The transaction has been approved by the shareholders of Immunodiagnostic Systems Holdings PLC, in a meeting held on July 1, 2021. As of July 8, 2021, the High Court of Justice has sanctioned the scheme pursuant to which the acquisition is being implemented. The transaction is expected to be completed in early Q3 2021. The transaction is expected to close on September 30, 2021. James Steel, Miles Cox and Oliver Jackson of Peel Hunt acted as the financial advisor for IDS. Addleshaw Goddard LLP acted as the legal advisor to IDS. Computershare Investor Services PLC acted as a registrar to IDS. Chris O'Connor, Matthew Smith and Adnan Choudhury of Perella Weinberg Partners acted as the financial advisor to PerkinElmer. Hogan Lovells International LLP acted as the legal advisor to PerkinElmer UK and PerkinElmer. PerkinElmer expects the acquisition to be modestly accretive to non-GAAP earnings in year one following completion.

PerkinElmer (UK) Holdings Limited completed the acquisition of Immunodiagnostic Systems Holdings PLC (AIM:IDH) (IDS) from a group of investors on July 12, 2021.