G8 Education Limited
(ASX:GEM) says directors have voted unanimously to recommend the Anchorage takeover of Affinity Education Group Limited
(ASX:AFJ) at $0.92 per share.
G8 Education had originally offered $0.80 per share for Affinity itself. G8 dropped its bid to become a seller of Affinity shares when Anchorage upped the ante in an offer which values Affinity at $212 million.
Funding for the deal has been secured and the scheme is now obliged to proceed.
G8 Education reported a first half net profit of $28.24 million at the end of June 2015.