This article is from the Australian Property Journal archive
LISTED childcare operator G8 Education has increased its takeover offer for Affinity Education, which said it is negotiating with a rival interested party.
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G8`s new offer is for one G8 share for 4.25 Affinity shares, up from the original one G8 share for every 4.61 shares.
The new bid values Affinity shares at 80 cents compared to 70 cents in the original bid, thereby increasing the takeover offer from $162 million to $185 million.
Affinity urged shareholders to take no action while the board considers the new bid. The company said it had engaged Lonergan Edwards & Associates to compile an independent expert`s report for the board.
Affinity told shareholders to take no action.
“The directors of Affinity have had discussions with another interested party since the announcement by G8 on 3 July 2015 of its intention to make a takeover offer.
“While there can be no assurance that a rival proposal will eventuate, it is in your interests to wait until the release of the target’s statement, at which time the directors of Affinity will advise in relation to these discussions and provide their recommendation.
“You do not need to take any action in relation to your Affinity shares before you receive the target’s statement and your directors’ recommendation,” Affinity said in a statement.
Australian Property Journal
