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Embark opens takeover offer for Mayfield Childcare as replacement bidder’s statement lands
Fiona Alston
Jan 16, 2026
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Embark Early Education Limited has opened an off-market takeover offer for Mayfield Childcare Limited, seeking to acquire the shares it does not already hold. Mayfield shareholders can elect either cash or scrip consideration, with the offer scheduled to close in early March 2026 unless extended.
Embark Early Education Limited (ASX: EVO) has commenced its off-market takeover offer for Mayfield Childcare Limited (ASX: MFD), targeting all ordinary shares it does not already own.Embark confirmed on 5 January 2026 that its replacement bidder’s statement had been dispatched to Mayfield shareholders and performance rights holders.
The offer provides two consideration options:
- scrip consideration – one Embark share for every 1.24 Mayfield shares (as set out in the replacement bidder’s statement)
- cash consideration – $0.50 for each Mayfield share
The offer opened on 5 January 2026 and is due to close at 7pm (Sydney time) on 5 March 2026, unless extended or withdrawn in line with the Corporations Act.
Embark describes the offer as an opportunity to bring Mayfield into a larger listed early childhood education and care (ECEC) platform.
In its takeover materials, Embark points to its operating footprint across multiple states, including 24 centres in Queensland and 11 centres in Victoria, alongside additional centres in New South Wales, South Australia and Tasmania.
Embark also suggests the combined entity would have higher market capitalisation and improved on-market liquidity compared with Mayfield on a standalone basis.
Embark’s materials outline several acceptance pathways ahead of the March deadline:
- online acceptance via the MUFG Investor Portal
- completing and returning the personalised acceptance form issued with the bidder’s statement
- for CHESS holdings, instructing the controlling participant (broker) to accept on the shareholder’s behalf.
The transaction is investor-facing, but mergers and acquisitions activity can signal broader market settings for long day care operators, including consolidation pressure and changing competitive dynamics.
For providers and leaders, takeover periods can also bring heightened focus on operational fundamentals, including occupancy, cost control, governance and compliance settings.
Key documents sit in the replacement bidder’s statement and related market notices, including the offer terms, conditions, and acceptance instructions.
Read the Embark Early Education investor announcement here.
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