It’s done: after six months of IPH (ASX:IPH) trying to acquire anything, it’s made it work with the second choice, Xenith IP Group (ASX:XIP).

Xenith and IPH have entered into a scheme of arrangement implementation deed.

The new puts an end to a takeover trail that actually began with IPH trying to buy another IP firm, QANTM (ASX:QIP).

That company turned to Xenith as a white knight — a friendly merger — only for IPH to buy 19.9 per cent of Xenith this year to block the merger.

After much protesting, Xenith began to open up to the idea of an IPH takeover a few weeks ago.

IPH’s latest offer on Tuesday offered $2.15 per Xenith share – $1.28 cash and 0.1261 IPH shares for every Xenith share.

The scrip part of the deal was valued at $6.90 a share. IPH was trading at $6.95 at the open on Friday morning.

QANTM said yesterday it wouldn’t match the offer, stepping aside to allow IPH go all the way with Xenith.

The scheme of arrangement, a method of taking over or merging with a company via court order, should be finished by early August.

The Xenith board is recommending shareholders accept the deal.