PerkinElmer (UK) Holdings Ltd. agreed to acquire Horizon Discovery Group plc (AIM:HZD) from Inclusive Capital Partners, L.P. and others for approximately £290 million on November 2, 2020. The acquisition values the entire issued and to be issued ordinary share capital of Horizon at approximately £296 million, on the basis of a fully diluted share capital. This implies an enterprise value of approximately £284 million. Each Horizon shareholder will be entitled to receive £1.85 in cash for every share held. PerkinElmer UK will finance the cash consideration payable to Horizon Shareholders pursuant to the acquisition from PerkinElmer's existing cash resources. It is intended that the acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. PerkinElmer (UK) reserves the right to elect, with the consent of the Takeover Panel, to implement the Acquisition by way of a Takeover Offer for the entire issued and to be issued ordinary share capital of Horizon as an alternative to the Scheme. PerkinElmer (UK) has received an irrevocable undertaking from Inclusive Capital Partners to vote in favor of the Scheme in respect of 32.8 million Horizon Shares (representing, in aggregate, approximately 20.8% of Horizon Shares). Upon completion of the acquisition, Horizon will be indirectly wholly-owned by PerkinElmer, Inc. (NYSE:PKI). On completion, Horizon will be de-listed and re-registered as a private limited company. On completion of the acquisition, it is intended that the current non-executive directors of Horizon will resign and PerkinElmer will maintain Horizon's registered headquarters in Cambridge, UK. In addition, Horizon will also maintain its main offices in Boulder, Colorado. The combined group's headquarters will remain in Waltham, Massachusetts. The acquisition is subject to the regulatory approval, receipt of all applicable anti-trust clearances from any relevant authority, approval of a majority in number of the Horizon shareholders, sanction of the Scheme by the Court. The board of Horizon Discovery has recommended the deal. As of November 23, 2020, the Horizon Directors recommend unanimously that Horizon Shareholders vote in favour of the Scheme at the Court Meeting and the resolution relating to the Acquisition at the General Meeting. Transaction was approved by shareholders of Horizon Discovery Group plc on December 15, 2020. As on December 21, 2020, Scheme has been sanctioned by the court. The acquisition is expected to be completed by April 30, 2021 or such later date. As on November 4, 2020, the deal is expected to be completed in the first quarter of 2021. As of November 23, 2020, the expected effective date of the Scheme is December 23, 2020. Last day of trading of Horizon is expected to be December 22, 2020. Chris O'Connor, Matthew Smith and Adnan Choudhury of Perella Weinberg Partners UK LLP acted as financial advisors to PerkinElmer (UK). Simon Elliott and Edward Banks of Evercore Partners acted as financial advisors to Horizon. Freddie Barnfield, Stuart Ord and Duncan Monteith of Numis acted as joint financial advisors, broker and NOMAD to Horizon. Tom Brassington and Karla Dudek of Hogan Lovells International LLP acted as legal advisors to PerkinElmer. Covington & Burling LLP acted as legal advisor to Horizon.