Australia's Mayfield Childcare plunges after bidder pulls out, blocks rival bid

Mayfield Childcare

20/01/2023 01:01

** Shares of Mayfield Childcare  MFD.AX  drop as much as
24.5% to A$1.05, their worst session on record
    ** Stock hits lowest level since Dec. 1, 2022
    ** Says Genius Education withdrew its buyout proposal after
MFD failed to grant additional exclusivity arrangements after
Genius Education matched a rival bidder's A$1.35 per share offer
    ** Genius Education, which holds about a third of the shares
of MFD, will also use its shareholding to block rival bidder
Busy Bees Early Learning Australia from acquiring MFD, co adds
    ** MFD is flat YTD, as of last close
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))