iCollege moves to takeover RedHill in off-market bid

iCollege moves to takeover RedHill in off-market bid

20 October 2021 By Reporter
MinterEllison

Independent education provider Redhill Education has been advised on an off-market takeover bid by iCollege Limited.

Firm: MinterEllison (Redhill Education Limited).

Deal: Redhill has been advised on iCollege’s takeover bid for the education provider, with the offer closing with the latter reaching approximately 93 per cent controlling interest in Redhill. 

“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.

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“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.

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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.” 

iCollege moves to takeover RedHill in off-market bid
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