This article is from the Australian Property Journal archive
ASX-listed Think Childcare has agreed to further extend the exclusivity period with Busy Bees Early Learning to allow the Ontario Teacher’ Pension Plan-backed group more time to formalise its acquisition bid.
Early last month, Busy Bees upped its offer for Think by 52% to $3.20 per security, while its rival in the race Alceon agreed to sell its 19.2% stake in the group.
Busy Bees has been officially interested in the group for six months now.
Think said the extension runs to the end of 21st June and is to “allow the group and Busy Bees to conclude the negotiation of binding transaction documents and for ASIC joint bid relief to be received to enable Busy Bees and affiliates of Mathew Edwards to enter into certain binding transaction documents”.
“The discussions between Think and Busy Bees have been constructive and the parties are well advanced in negotiating the transaction documentation. Subject to receipt of ASIC joint bid relief, the parties are committed to finalising the transaction documentation expeditiously.”
