Shareholder launches takeover bid

A major Kidicorp shareholder associated with chief executive Wayne Wright has launched a takeover offer for the childcare company at 24c a share.

The offer price by Positive Educare was 23 per cent above Kidicorp's closing share price yesterday of 18.5c.

The bid values the company at $42.5 million, against its market capitalisation of $32.8 million.

The offer was conditional on the bidder receiving acceptances for at least 90 per cent of shares and other conditions.

Kidicorp directors said they would obtain an independent adviser's report and prepare a target company statement.

Until then, they recommended shareholders not sell their shares.

- Agencies