Busy Bees acquires BrightPath Early Learning
On May 23, 2017, BrightPath Early Learning Inc. ("BrightPath") and Busy Bees Holdings Limited ("Busy Bees") announced that they entered into a definitive arrangement agreement pursuant to which Busy Bees, through Eagle Bidco Limited, an affiliate of Busy Bees ("Eagle Bidco"), will acquire all of the issued and outstanding common shares of BrightPath at a price of C$0.80 per share in cash. The transaction, valued at approximately C$145 million, will be carried out under a court-approved statutory plan of arrangement governed by the Canada Business Corporations Act.
The board of directors of BrightPath unanimously approved entering into the arrangement agreement and determined that the arrangement is fair to the BrightPath shareholders and is in the best interests of BrightPath, recommending that shareholders vote in favour of the arrangement.
Brightpath announced that it completed the transaction on July 28, 2017.
BrightPath is a Canadian leader in the child care industry with 77 locations in major markets across the country.
Busy Bees is the United Kingdom's largest provider of quality child care, looking after 35,000 children across the country, in 329 nurseries.
Further information can be found on Canada Newswire's website.