Busy Bees Early Learning Australia has increased its cash offer for Australian nursery group Think Childcare by 20% to $2.10 a share.
In November Busy Bees offered $1.75 a share, which was 30% higher than rival bidder Alceon Private Equity had offered earlier. However, on Christmas Eve, Alceon matched Busy Bees’ bid.
In a market announcement on the Australian Stock Exchange Busy Bees outlined two separate structures as potential avenues for progressing the proposal: either focusing on a scheme of arrangement, or acquisition of the group’s assets and businesses.
Busy Bees is owned by the Ontario Teachers’ Pension Plan and operates around 660 centres across the UK, Ireland, the US, Canada, Italy, Australia and Asia. It entered the Australian market in 2018 with the acquisition of Foundation Early Learning and it now has 65 centres in Australia.
Rothschild and DLA Piper are advising Busy Bees. Think Childcare has appointed Moelis Australia Advisory as financial advisor and MinterEllison as legal advisor.
Date published: 28 January 2021