Control of Kidicorp passes to bidder

Control of childcare operator Kidicorp has passed to bidder Mitchell Investment Trust.

The trust advised NZX today the condition of its bid of getting 50 per cent of the shares had been satisfied.

The trust owned 49 per cent before it bid 19c a share for all the shares it did not own, valuing the company at $5.9 million.

The company's independent directors have rejected the offer and 18.9 per cent shareholder Fisher Funds said on September 7 it was intending to accept.

The independent directors acknowledged that there was a reasonable chance the bidder would satisfy the 50 per cent condition.

With 50 per cent of the company, the trust can pass most ordinary resolutions, except if they are related-party transactions.

The offer closes on September 21 unless extended.

- NZPA