Busy Bees has tabled a bid for Australian nursery group Think Childcare that is 30% higher than an existing offer from investment firm Alceon Group.
Busy Bees has tabled an all-cash offer of A$1.75 a share.
When Australian markets opened on Monday 23 November, Think Childcare’s share price shot up nearly 30% to A$1.64.
The Ontario Teachers’ Pension Plan-owned childcare group 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: 24 November 2020