G8 bid for Affin­ity

Townsville Bulletin - - NEWS -

TAKEOVERS

AUS­TRALIA’S big­gest com­mer­cial child­care op­er­a­tor, G8 Ed­u­ca­tion, is mak­ing a $ 162 mil­lion bid for ri­val Affin­ity Ed­u­ca­tion as it con­tin­ues a rapid ex­pan­sion.

The takeover would add 161 child­care and early learn­ing cen­tres to G8’ s port­fo­lio, tak­ing it past 620 cen­tres, with places for more than 47,000 chil­dren.

The com­pany made five sep­a­rate pur­chases in the 2014- 15 fi­nan­cial year, but the Affin­ity of­fer would dwarf those deals. G8 ac­quired a 16.41 per cent stake in Affin­ity yes­ter­day, and is look­ing to take con­trol with an of­fer of one G8 share for ev­ery 4.61 Affin­ity shares.

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