Thales has launched its all-cash offer to acquire Gemalto.

The company officially published its offer document on Tuesday to all Gemalto shareholders, at €51.00 per ordinary share, and €25.50 per American Depositary Share. The acceptance period for the offer started on Wednesday.

In a statement, Thales CEO Patrice Caine called the offer document’s publication “the first major step of the proposed acquisition of Gemalto, to create a world leader in digital security.” Gemalto’s Board of Directors has recommended that all shareholders accept the offer, and members of the board who are themselves shareholders have likewise committed to tender their shares.

Gemalto’s management first accepted Thales’ offer in December, amid a hostile takeover effort by Atos, which had offered €46.00 for issued and outstanding shares. In January, Gemalto and Thales issued an update in which they pointed to good progress in their negotiations, and predicted that their merger would produce one of the three biggest digital security companies in the world. In their statement announcing the offer document’s publication, the companies suggested that Thales’ acquisition of Gemalto will add €3 billion in revenue to its digital business revenues.

The acquisition offer will be discussed at a Gemalto shareholders meeting scheduled for May 18, and the companies’ leadership expect the deal to close in the second half of the year.