SYDNEY, July 6 (Reuters) - Affinity Education on Monday said it has appointed advisers to help its board assess a takeover offer from Australia’s largest listed childcare centre operator, G8 Education Ltd.
G8 Education last week launched a takeover bid for Affinity, offering one fully paid ordinary share in G8 for every 4.61 held in Affinity, valuing the latter at A$162 million ($121.40 million) or 70 cents a share at the close of July 2.
Affinity had been in takeover talks with G8 since April and had asked G8 to revise an informal offer, Affinity said in a letter to its shareholders. G8 instead purchased over 46 million Affinity shares in off-market deals last week before proposing a formal takeover bid.
Affinity will raise its concerns with the markets watchdog, it said, while advising its shareholders to not take any action on G8’s bid. ($1 = 1.3344 Australian dollars) (Reporting by Swati Pandey; Editing by Stephen Coates)