The Nord Anglia board rejected the indicative cash offer of between 200p and 210p per share last month because it 'significantly' undervalued the company (News, 19 October). It has given Brian Myerson's investment vehicle until 29 November to make a formal offer.
Nord Anglia chairman Alan Kelsey said Mr Myerson's initial proposal was subject to 'the effective pre-sale of significant group assets at an indicative valuation which the board believes is unlikely to be obtained'.
A spokesman for Principle Capital Partners declined to comment on speculation that this referred to the Leapfrog nurseries division.
The performance of Nord Anglia's nurseries division appears to be stabilising, despite lower occupancy levels than last year, according to chief executive Andrew Fitzmaurice. He said the outlook for the sector was improving because the market was 'behaving more rationally' - with supply more in line with demand, and the growth in day nursery places slowing.
Register now to continue reading
Thank you for visiting Nursery World and making use of our archive of more than 35,000 expert features, subject guides, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's included
-
Free access to 4 subscriber-only articles per month
-
Unlimited access to news and opinion
-
Email newsletter providing activity ideas, best practice and breaking news
Already have an account? Sign in here
