This article is from the Australian Property Journal archive
INTERNATIONAL childcare centre operator Busy Bees Early Learning has sweetened its takeover offer for ASX-listed Think Childcare, upping its bid by 20%.
The revised Busy Bees proposal is at an offer price of $2.10 per security, and lands two months after its initial offer of $1.75 per security that came in 30% above a proposal from Alceon.
Alceon matched that bid on Christmas eve, and upped its share in Think Childcare to 19.23%.
Busy Bees’ updated proposal contemplates two potential structures, being the acquisition of all the issued stapled securities in the group by way of a scheme of arrangement, for cash consideration of $2.10 per security; or, acquisition of all the group’s assets and businesses for a cash consideration, that is said to imply an offer price of $2.10 per security.
The bid values Think Childcare at about $140 million, including debt.
Busy Bees is owned by Ontario Teachers’ Pension Plan, and has about 660 locations in the UK, Ireland, USA, Canada, Italy, Asia and in Australia, making its entry to the local market with the acquisition of Foundation Early Learning in 2018. It currently has 65 centres across the country.
