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iCollege moves to takeover RedHill in off-market bid
Independent education provider Redhill Education has been advised on an off-market takeover bid by iCollege Limited.
Reporter
Firm: MinterEllison (Redhill Education Limited).
“iCollege will now compulsorily acquire the remaining shares in RedHill in accordance with a Corporations Act process that will take a further 4-6 weeks to complete,” the firm said.
“The transaction consideration was in the form of all scrip in iCollege, which represented a dollar value of $1.235 per RedHill share – a significant premium for RedHill shareholders.”
Minters assisted throughout the due diligence processes and with the drafting and negotiation of transaction documents.
Value: Approximately $60 million.
Area: Corporate advisory.
Key players: The Minters team was led by partners Sudharshan Senathirajah and Nick Broome, who were supported by Mark Simkiss, Josh Carfi, Arman Saffar, Andrew Longo, and China Waters.
Deal significance: Speaking about the transaction, Mr Senathirajah said: “RedHill’s and iCollege’s merger is expected to create a leading independent Australian education provider with a diversified portfolio and immediate and long-term cost and revenue synergy opportunities. A more diversified portfolio should assist with mitigating COVID-19 related issues and risks.
“The education sector has faced a challenging period of time over the last 18 months. This transaction is a positive indicator around the value of education in the community and its future opportunities.”
