Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Previously, on 16 November, Australia-based Childcare company <a href="https://www.smartkarma.com/entities/think-childcare-ltd" target="_blank" data-smartkarma-citation="entities:18899:1" rel="noopener">Think Childcare (TNK AU)</a> ("<strong>TNK</strong>") announced they had received a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02308970-3A555430?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Non-binding Indicative Proposal</a> from the PE arm of Australian investments firm <a href="https://www.alceon.com.au/" target="_blank" rel="noopener">Alceon Group</a>. The Offer Price was A$1.35/share and the form of consideration was expected to be either cash or a combination of cash and shares in an unlisted newly-formed entity. </p><p>In my insight <a href="https://www.smartkarma.com/insights/think-childcare-tnk-au-takeover-proposal-from-alceon-group-seems-light" target="_blank" data-smartkarma-citation="insights:45429" rel="noopener">Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light</a>, I concluded the Offer Price of A$1.35 seemed light on a growth-adjusted basis and when compared against the valuations of other local and global peers.  </p><p>Today, before the market opened, <a href="https://www.smartkarma.com/entities/think-childcare-ltd" target="_blank" data-smartkarma-citation="entities:18899:1" rel="noopener">Think Childcare (TNK AU)</a> announced that they had received an "unsolicited, conditional, non-binding all cash proposal" from unlisted peer Busy Bees Early Learning Australia Pty Ltd at an Offer Price of A$1.75/share, which is ~30% higher than Alceon's proposal.</p><div><p><em>More below the fold. </em></p></div><hr><div><div class="content-remarks"><p><em>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and </em><a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener"><em>Quiddity M&amp;A: Australia Foreign Investment Reform</em>s</a> </p></div></div>

Previously, on 16 November, Australia-based Childcare company Think Childcare (TNK AU) ("TNK") announced they had received a Non-binding Indicative Proposal from the PE arm of Australian investments firm Alceon Group. The Offer Price was A$1.35/share and the form of consideration was expected to be either cash or a combination of cash and shares in an unlisted newly-formed entity. In my insight Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light, I concluded the Offer Price of A$1.35 seemed light on a growth-adjusted basis and when compared against the valuations of other local and global peers.  Today, before the market opened, Think Childcare (TNK AU) announced that they had received an "unsolicited, conditional, non-binding all cash proposal" from unlisted peer Busy Bees Early Learning Australia Pty Ltd at an Offer Price of A$1.75/share, which is ~30% higher than Alceon's proposal.More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

Think Childcare (TNK AU): Competitive Bid by Busy Bees

Australia

Mayfield Childcare Limited provides education and childcare services. The Company serves customers throughout Australia.

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Mayfield Childcare Ltd (MFD AU)

Think Childcare (TNK AU): Competitive Bid by Busy Bees

Busy Bees Early Learning Australia (backed by OTPP) came over the top of Alceon's bid for Think Child Care by a whopping 30%. Alceon has 5 days to...

Janaghan Jeyakumar, CFA

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