Trammell Crow Company signed a scheme of arrangement to acquire Telford Homes Plc (AIM:TEF) for approximately £270 million on July 3, 2019. Trammell Crow Company will acquire shares of Telford Homes at an offer per share of £3.5. CBRE Group, Inc. (NYSE:CBRE), parent of Trammell Crow Company reserves the right to increase the acquisition price if there is an announcement on or after the date of this announcement of an offer or possible offer for Telford Homes by a third party offeror or potential offeror. In addition to the consideration payable in connection with the acquisition, shareholders of Telford Homes on the register as at the close of business on June 7, 2019 will also be entitled to receive the payment of the previously announced final dividend of £0.085 pence per Telford Homes share to be paid on July 19, 2019. If any dividend and/or other distribution and/or other return of capital is authorized, declared, made or paid in respect of Telford Homes shares on or after the date of this announcement, other than the final dividend, CBRE reserves the right to reduce the acquisition price by the aggregate amount of such dividend and/or other distribution and/or other return of capital. Subject to the Court sanctioning the Scheme at the Court Hearing scheduled for September 26, 2019, it is anticipated that dealings in Telford Homes Shares on AIM will be suspended with effect from October 1, 2019 and, subject to the Scheme becoming effective later that day, the admission to trading of Telford Homes Shares on AIM will be cancelled on October 2, 2019. CBRE's intention is to fund the cash consideration from its existing cash resources and availability within its existing revolving credit facility. CBRE has entered into a bridge credit agreement provided by JPMorgan Chase Bank, N.A. solely for the purpose to satisfy J.P. Morgan Securities LLC that it has sufficient resource for the transaction. Upon completion of the acquisition, it is intended that Telford Homes will operate as a standalone business group within the wider TCC business and its financial results will be reported within CBRE's Real Estate Investments business segment. The transaction will lapse, if court meeting and the general meeting are not held by the 22nd day after the expected date of such meetings. Jon Di-Stefano will continue in his role as Chief Executive Officer of Telford Homes after completion of the acquisition. Chairman and non-executive director of Telford Homes intend to resign as directors of Telford Homes with effect from completion of the Acquisition. Katie Rogers, John Fitzgerald and Jerome Geoghegan will continue in their respective management positions following completion of the acquisition. CBRE does not intend to make any changes in location of Telford Homes' headquarters, operations and places of business. The court meeting and the general meeting are expected to be held on or around August 6, 2019. The transaction is subject to approval by the shareholders of Telford Homes, court approval, merger control approval from the European Commission. The Board of Telford Homes unanimously recommended its shareholders to vote in favor of the transaction. The transaction was approved by the Telford Homes shareholders at the Court meeting and the General meeting held on August 6, 2019. Subject to the satisfaction of all such relevant conditions, the scheme will become effective during the third quarter of 2019. As reported on September 2, 2019, CBRE has filed for approval of European Commission. The transaction is expected to close on October 1, 2019, if EU Merger Clearance will be received on September 19, 2019 or shortly thereafter (but before September 26, 2019). As on September 20, 2019, the European Commission approved the transaction. As of September 26, 2019, Court sanctioned the Scheme at the court hearing. John Witherspoon, Dwayne Lysaght, Bronson Albery and Tara Morrison of J.P. Morgan Cazenove acted as financial advisor and Clare Gaskell, Ben Squires, Marie-Eve Nault-Cloutier, Vishaal Patel, Sinead O’Shea and Harriet Bamford, Brian Steinhardt, Eli Isak, Sheena Shah, David Vann, Etienne Renaudeau, Megan Griffith and Alexia Syrmos of Simpson Thacher & Bartlett LLP acted as legal advisors for CBRE. Alex Midgen and Peter Everest of N M Rothschild & Sons Limited, Dru Danford and Patrick Castle of Shore Capital and Corporate Limited acted as financial advisors and Delphine Currie, Gareth Amdor, Marjorie Holmes and David Ashmore of Reed Smith LLP acted as legal advisors to Telford Homes. Charles Batten and Capel Irwin of Peel Hunt acted as joint broker to Telford Homes. Trammell Crow Company completed the acquisition of Telford Homes Plc (AIM:TEF) on October 1, 2019. Andrew Wiseman and Jane Earl, Chairman and Non-executive Director of the Telford respectively, have tendered their resignations and will step down from the Telford Homes plc Board with effect from October 1, 2019. Telford Homes Shares on AIM were suspended with effect from October 1, 2019, and the admission to trading of Telford Homes Shares on AIM will be cancelled on October 2, 2019.