Affinity Education Group Limited
(ASX:AFJ) says it has appointed Luminis Partners and Corrs Chambers Westgarth to assist in the assessment of a proposed takeover offer from G8 Education.
G8 has offered 1 G8 share for every 4.61 Affinity shares valuing Affinity at 70 cents per share equal to the current share price.
Affinity has revealed that G8 had approached the company back in April with an offer equivalent to $1.01 per share which Affinity said it would consider.
A subsequent meeting saw the offered dropped to $0.825 based on market movements. Affinity advised this was undervalued and it would only engage further if G8 revised the offer upwards.
Affinity says it considers this offer as highly opportunistic and will raise its concerns with ASIC.
Affinity made a net loss of $4.12 million for the 2014 calendar year.
