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Busy Bees revises Think Childcare takeover proposal, lifts offer price by 20%

Jason Roberts

Jan 20, 2021

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Busy Bees Early Learning Australia (Busy Bees) has increased their cash offer for ASX listed provider Think Childcare by 20 per cent, to $2.10 per security after having seen their previous offer of $1.75 matched by rival bidder Alceon Private Equity on 24 December 2020.

The move values Think at about 6.9x enterprise value (EV) to CY20 earnings before interest tax depreciation and amortisation (EBITDA), up from around 6.4x under the previous offer terms.

Busy Bees have outlined two separate structures as potential avenues for progressing the proposal with one focusing on a scheme of arrangement the other the acquisition of the Group’s assets and businesses.

Regardless of what proposal is ultimately confirmed the cash offer of $2.10 will remain available to security holders.

At this juncture, it is unclear what, if any, action Alceon Private Equity will take.

Alceon was the first of the two organisations to formalise their Think Childcare proposal having offered $1.35 for the Group on 16 November 2020.

One week later Busy Bees entered the bidding process with a $1.75 which was then matched by Alceon on Christmas Eve. Alceon however, went one step further by confirming they had purchased 19.23 per cent of Think shares, at a cost of $20.5 million, in the open market in the days preceding the announcement of their revised bid.

These shares are now worth $24.65 million.

The Independent Board Committee (IBC) established by Think to manage the takeover process continues to assess both offer Busy Bees Revised Proposal and will keep the market informed in accordance with its continuous disclosure obligations as matters progress. To read the Think Childcare statement please click here.

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