Background to and reasons for the Proposed Acquisition Sample Clauses

Background to and reasons for the Proposed Acquisition. The Recipharm Group's aim is to become a leading global CDMO and it is currently successfully executing against its ambitious growth strategy, targeting annual sales of over SEK 8 billion (approximately £643 million) by 2020. This is set amid consolidation in the fragmented CDMO industry, as pharmaceutical companies seek to reduce their fixed costs by rationalising supply chains and focussing on core R&D capabilities. Consequently, they are turning to trusted partners with the necessary scale and breadth of technologies to support them through the drug development process and the subsequent commercial manufacturing and supply. Given these sector dynamics, and Consort's strength in pharmaceutical device development and manufacturing, the Recipharm Group believes that the combination is an excellent match. The Recipharm Group has been an admirer of Consort's innovative delivery technologies, which are highly complementary to its own capabilities and customer demands. The combination of Consort's product portfolio and services with the Recipharm Group's existing business, Recipharm believes will allow the Recipharm Group to become a best-in-class technology based CDMO with more than USD 1 billion in sales, positioning it to compete more effectively within a wider part of the value chain. The Proposed Acquisition would create a new avenue for growth within the large and rapidly expanding biologics sector, leveraging the VapourSoft® technology validated through development contracts, and the strong pipeline originating from Consort's Innovation Centre in Cambridge, UK. The Proposed Acquisition is financially compelling and expected to be significantly accretive to the Recipharm Group's cash earnings per share (and immediately accretive in the first fiscal year after completion), with the potential for significant future growth and operating margin expansion. The Recipharm Group estimates that within 18 months after completion, SEK 125 million (approximately £10.1 million) in annual cost synergies will be realised, with the potential for additional cost and revenue synergies in the medium to long term. The Recipharm Group also estimates that the combination will enhance the Recipharm Group's scale and profitability with annual pro forma revenue of SEK 10,847 million (approximately £872 million) and pro forma EBITDA of SEK 1,793 million (approximately £144 million). Consort had annual pro forma revenue of £292 million and annual pro forma EBITDA of £47 million. T...
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Background to and reasons for the Proposed Acquisition. Summary Over the past two years, Aviva has undertaken a major transformation, creating significant value for its shareholders. The Proposed Acquisition has a financial and strategic rationale that would accelerate Aviva’s transformation in line with its investment thesis, “cash flow plus growth”. It is expected to increase the quantum, resilience and diversification of group cash flows and improve Aviva’s ability to invest for growth in its chosen markets and products, leveraging the respective strengths of Aviva and Friends Life to establish a compelling opportunity to create value for both Aviva and Friends Life shareholders. Aviva also has a focused, clear, simple and differentiated business strategy. Its strategic anchor has three elements: • True Customer Composite. Aviva is the only composite of scale in the UK and one of the few in the world that can offer a full range of insurance and asset management products, underpinned by the most recognised insurance brand in the UK. • Digital First. This is how Aviva is capitalising on being a composite insurer. It is how customers increasingly want to do business with Aviva. If there is a choice of where to invest, it will be in digital first across any channel; and • Not Everywhere. Aviva is not interested in geographic regions but individual markets where it has scale and profitability or a distinct competitive advantage. It will focus on markets, like the UK, where it will win. Aviva believes that the Proposed Acquisition reinforces its investment thesis and provides the opportunity for “accelerating cash flow plus growth”.
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Background to and reasons for the Proposed Acquisition. The consumer electronics retail landscape has evolved significantly over recent years. Since the early 2000s, it has been materially reshaped by the rise of e-commerce resulting in an increased competitive environment and the disappearance of some leading retail operators, such as, RadioShack, Circuit City, Comet and Surcouf. In particular, the market has witnessed the arrival of new online competitors who display a high level of commercial aggressiveness. In this context, consolidation has recently been initiated by traditional retailers to achieve the necessary scale to remain competitive in the sector (e.g., Dixons/Carphone, Darty/Mistergooddeal, Carrefour/Rue du Commerce). In addition to the key headline benefits of the Proposed Acquisition detailed below, the Fnac Board sees the Proposed Acquisition as a means by which Fnac and Xxxxx can proactively address the impact of changing market environments on their respective businesses, positioning the Combined Group as a larger, more diversified business with a reinforced capital structure. The Fnac Board considers that the combination of Fnac and Xxxxx would create a compelling retail offering for its customers, and that the Combined Group would be well-positioned to create value for shareholders. The Proposed Acquisition would notably provide the following benefits to the Combined Group:
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Related to Background to and reasons for the Proposed Acquisition

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