Key points
- Crimson Consulting Australia offers A$0.73 per share for Kip McGrath Education Centres.
- Offer represents a premium of up to 62.2% over the last closing price.
- Offer provides liquidity and removes business risks associated with Kip McGrath.
- Offer is conditional upon a 90% minimum acceptance condition.
- Pre-bid acceptance agreement with a substantial shareholder.
Full summary
Crimson Consulting Australia Pty Ltd, a subsidiary of Crimson Consulting Limited, has made an off-market takeover offer for Kip McGrath Education Centres Limited at A$0.73 per share. This offer represents a premium of up to 62.2% over the last closing price and provides Kip McGrath shareholders with liquidity and removes risks associated with the company's operations. The offer is conditional upon achieving a 90% minimum acceptance rate and is not subject to financing conditions. A substantial shareholder, Pie Funds Management Limited, has entered into a pre-bid acceptance deed supporting the offer.
Guidance
Crimson Consulting Australia's offer for Kip McGrath Education Centres is conditional upon a 90% minimum acceptance condition.
Outlook
The outlook for Kip McGrath Education Centres is contingent upon the acceptance of Crimson Consulting Australia's offer, which provides shareholders with liquidity and removes business risks.