John Bridgeman Limited (NSX:JBL) submitted a letter of intent to acquire the remaining 88.9% stake in Henry Morgan Limited on September 5, 2018. John Bridgeman Limited signed a bid implementation agreement to acquire the remaining 88.9% stake in Henry Morgan Limited on September 10, 2018. As consideration, Henry Morgan shareholders will receive 0.95 John Bridgeman shares for each share of Henry Morgan. John Bridgeman and Henry Morgan entered into exclusivity period with provisions like no-talk, no-shop, limitation to no-talk etc. In a related transaction, John Bridgeman Limited submitted a letter of intent to acquire Benjamin Hornigold Limited (ASX:BHD) on September 5, 2018. The offer is subject to certain conditions, including a 50.1% minimum acceptance condition, satisfactory completion of due diligence, obtaining of regulatory approvals, third party consents, exercise, cancellation or transfer of Henry Morgan options to John Bridgeman before the end of the offer period or such options are the subject of agreements entered into between John Bridgeman Limited and the relevant option holder that will cause options to be cancelled or transferred to John Bridgeman Limited, approval from the shareholders of Henry Morgan Limited and other customary conditions. On September 10, 2018, Henry Morgan Limited's Board sub-committee approved to enter into a bid implementation agreement with John Bridgeman Limited. The independent Directors of Henry Morgan undertook to unanimously recommend the offer to its shareholders in the absence of a superior proposal and based on the advice of an independent expert engaged by them to consider the fairness and reasonableness of the offer. All the members of Henry Morgan's Board intend to accept the offer. The offer will be open for a period of one month. As a result, the condition in relation to shareholder approval is unlikely to be satisfied by September 30, 2018 and, unless the condition is waived or extended, it is unlikely that the transaction will proceed. As of October 31, 2018, Directors of Henry Morgan Limited unanimously recommended its shareholders to accept the offer in the absence of a superior proposal. As of December 24, 2018, the transaction was approved by the shareholders of John Bridgeman Limited and John Bridgeman decided to free the transaction from all defeating conditions (including minimum acceptance and regulatory approvals). As of December 31, 2018, Australian Government Takeovers Panel ordered John Bridgeman Limited not to take any further steps to process any acceptances received under its bid for Henry Morgan Limited. The interim orders have effect until the earliest of further order of the Panel, determination of the proceedings or 2 months from the date of the interim orders. As of January 7, 2019, the offer became unconditional. As of February 18, 2019, the supplementary bidder’s statement was approved by a unanimous resolution of the Directors of John Bridgeman Limited. Henry Morgan Limited's Board appointed a sub-committee to consider the transaction. All acceptances, which have been received to date from shareholders in Henry Morgan Limited will be cancelled on February 19, 2019, and any acceptance received after that date, but before the dispatch of a replacement bidder’s statement in accordance with the orders, will also be cancelled at the time it is received. The commencement date of the orders is February 14, 2019. Shareholders in Henry Morgan Limited who wish to accept the offer will need to submit to JBL a new acceptance form. As of February 19, 2018, the voting directors of Henry Morgan Limited recommended the shareholders not to take action in relation to the offer and to wait until they receive supplementary target’s statement and supplementary independent expert’s report to be issued by no later than March 30, 2019. As announced on February 20, 2019, in accordance with the orders of the Takeovers Panel dated February 8, 2019, all acceptances received to date by John Bridgeman Limited were cancelled on February 19, 2019. The offer period will commence from November 6, 2018 to December 7, 2018. As of November 22, 2018, offer period was extended to January 14, 2019. As of January 7, 2019, offer period was extended to January 28, 2019. As of January 22, 2019, offer period was extended to February 11, 2019. As of February 8, 2019, offer period was extended to April 1, 2019. As of February 18, 2019, offer period was extended to April 15, 2019. As of March 29, 2019, independent expert has concluded that the JBL Offer is not fair but is reasonable for HML shareholders not associated with JBL. Australian Securities and Investments Commission has asked for clarification of whether the potential for less than 100% acceptance of the HML Offer could impact Leadenhall’s opinion. On April 8, 2019, Leadenhall confirmed that the level of acceptances of the Offer does not impact its opinion as stated in the Supplementary independent expert’s report. Mccullough Robertson Lawyers acted as legal advisor and Link Market Services Limited acted as registrar for John Bridgeman. Dave Pearson and Richard Norris of Leadenhall VRG Pty Ltd acted as fairness opinion provider and Caroline Snow of AJ&Co acted as legal advisor to Henry Morgan Limited.