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  • Vocational training provider iCollege (ICT) has made an off-market takeover bid for the ordinary shares in Redhill Education (RDH)
  • iCollege has offered six fully paid ordinary shares in iCollege for every one fully paid ordinary share in Redhill, valuing Redhill at $50.3 million, or $0.99 per share
  • The iCollege bidder’s statement is expected to be lodged with the Australian Securities and Investments Commission within the next 21 days
  • iCollege is down 3.03 per cent, trading at 16 cents, while Redhill is up 11.1 per cent, trading at 90 cents

Vocational training provider iCollege (ICT) has made an off-market takeover bid for fellow ASX-lister Redhill Education (RDH).

iCollege’s says the proposed acquisition will create a champion education portfolio by combining two Australian industry leaders, expand their geographic diversity and present significant value for both sets of shareholders.

iCollege has offered six fully paid ordinary shares in iCollege for every one fully paid ordinary share in Redhill, valuing Redhill at $50.3 million, or $0.99 per share.

The iCollege bidder’s statement is expected to be lodged with the Australian Securities and Investments Commission within the next 21 days.

The majority of Redhill’s campuses are in New South Wales and Victoria. Conversely, the majority of iCollege’s campuses are in Queensland, Western Australia and South Australia.

“The merger is an exciting opportunity for both iCollege and RedHill shareholders to combine and create what will be one of Australia’s leading listed education providers. The combined group would be well positioned to invest, innovate and compete in a rapidly growing marketplace,” said Chairman of iCollege Simon Tolhurst.

iCollege is down 3.03 per cent and trading at 16 cents, while Redhill is up 11.1 per cent, trading at 90 cents at 2:22 pm AEDT.

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