• Embark Early Education Ltd offers to acquire all of Mayfield Childcare Ltd's shares
• Shareholders can receive 1 Embark share for every 1.25 Mayfield shares, or $0.80 cash per Mayfield share
• Offer represents a 56% premium to Mayfield's last close price

Embark Early Education Ltd (ASX:EVO) has sent a replacement Bidder's Statement to acquire all shares in Mayfield Childcare Ltd (ASX:MFD) that it does not already own. Under the offer, Mayfield shareholders can elect to receive either 1 Embark share for every 1.25 Mayfield shares they hold, or $0.80 cash per Mayfield share. The offer represents a 56% premium to Mayfield's last close price and a 48% premium to its 30-day VWAP. Embark currently holds a 19.9% stake in Mayfield. The offer is subject to conditions including a 50% minimum acceptance condition and other regulatory approvals. Mayfield shareholders have until 6:00pm on 18 March 2026 to accept the offer, unless it is extended or withdrawn. Embark is an Australian early childhood education and care provider operating 63 centres across multiple states. It has reported strong financial performance, with revenue of $84.9 million and underlying EBITDA of $24.9 million in FY2017, supported by disciplined cost management and investment in quality and educator retention.

Embark has not provided any high-importance, price-sensitive forward-looking financial metrics in the announcement.