NZ's Fisher Funds to take Kidicorp offer

The bidders asked Fisher Funds, which controls 19.9 per cent of Kidicorp, to advise its intentions because of the offer's condition of 90 per cent acceptance.

Independent directors will shortly finalise the target company statement, including their recommendation.

Independent adviser Grant Samuel said its valuation range for Kidicorp was between 24c and 31.1c per share, which included a premium for control of the company.

The report noted the offer represented a nearly 30 per cent premium to the closing share price on May 31, when the offer was made after the market closed.

Kidicorp operates 78 early childhood centres, with a 6 per cent market share.

Positive Educare is associated with Kidicorp's 54-per cent owner the Mitchell Investment Trust, which launched a full takeover offer last year at 19c per share, and of which Kidicorp chief executive Wayne Wright is a trustee.

Kidicorp shares closed unchanged at 22c.