Crimson Consulting Australia has declared its A$0.75-a-share cash offer for Kip McGrath Education Centres final, while extending the bid to 4 November and accelerating payment for accepting shareholders. The bidder now has an 82.07% relevant interest in Kip McGrath.
- A$0.75 per share declared last and final
- Offer extended to 7:00pm on 4 November 2026
- Payment accelerated to within 10 Business Days
- Crimson reports 82.07% relevant interest
- Kip McGrath directors recommend acceptance absent a superior proposal
Crimson fixes final price at A$0.75
The takeover battle for Kip McGrath Education Centres Limited (ASX:KME) has entered its closing phase, with Crimson Consulting Australia declaring that its unconditional A$0.75-per-share cash offer is its last and final price. The consideration may be reduced by the cash amount of any dividend to which Crimson is entitled to apply an offset.
Crimson said it had a relevant interest in 43,080,811 Kip McGrath shares as at 7:00pm on 22 October, representing 82.07% voting power. That follows the bidder’s earlier move beyond majority control and gives the final extension a different character from the previous deadline changes: remaining shareholders are being given more time to decide, but the price ceiling is now explicit. The earlier 50% voting power milestone had already triggered an automatic extension of the offer.
Offer deadline moves to 4 November
The offer will now remain open until 7:00pm Melbourne time on 4 November 2026, unless extended again. Crimson said the extension was intended to give shareholders who had not accepted the offer an opportunity to do so.
The extension comes after the bidder made the offer unconditional on 12 October and after Kip McGrath’s directors withdrew their previous position. The company’s board now unanimously recommends acceptance in the absence of a superior proposal, according to the shareholder letter lodged with the announcement. That recommendation followed the unconditional A$0.75 offer, which removed the bid’s defeating conditions while leaving acceptances as the key remaining route to further control.
ASIC relief shortens payment timetable
Crimson has also obtained ASIC relief to accelerate payment of accepted consideration. Shareholders who accept will be paid within 10 Business Days after the later of their acceptance being received or 12 October 2026, and the revised timetable applies equally to shareholders who have already accepted.
The offer’s final price and the accelerated payment terms reduce two sources of uncertainty for shareholders still considering the bid, although the outcome for the remaining register is not yet disclosed. Performance rights holders do not receive a separate offer, but may accept the bid for shares issued if their rights vest during the offer period, provided those shares are issued before the offer closes.
With the price declared final and Crimson already above 82% voting power, the next material markers are the acceptance level at the 4 November deadline, any further change in relevant interest and whether the bidder takes additional steps toward completing control of Kip McGrath.
Bottom Line?
The price is now fixed, but the remaining question is how much of the register Crimson can secure before 4 November and what ownership level follows.
Questions in the middle?
- Will Crimson’s 82.07% relevant interest rise materially before the extended deadline?
- Will the offer be extended again, or will 4 November mark the end of the acceptance window?
- How many Kip McGrath performance rights will vest and convert into shares eligible for the offer?