This article is from the Australian Property Journal archive
Shareholders in Think Childcare Group will vote late next month on its proposed takeover by Busy Bees Early Learning.
The Federal Court yesterday made orders convening scheme meetings for 29th September at which investors will vote on Busy Bees’ acquisition of 77.85% of Think shares, and Busy Bees’ subsidiary FEL Child Care Developments purchase of the same share of 77.85% of the issued capital of Think Childcare Development Limited.
Think formally agreed in June to the Ontario Teachers’ Pension Plan-backed group’s heavily sweetened offer.
Think recorded half-year increases in revenue, of 45%, net profit after tax (145%) and service performance (39%).
Think Childcare Group’s underlying EBITDA increase from $5.4 million a year ago to $9.2 million. Think Childcare EBITDA lifted from $6.6 million to $11.4 million, while Think Childcare Development EBITDA fell further into the red, to $1.3 million.
