UK-based social care services firm Cambian Group has received a takeover approach from rival CareTech Holdings that valued Cambian at 405.2 million pounds ($536.2 million), as it aims to bolster its child care business.

The transaction would help the firm expand its presence in special education and behavioral health services for children.

The preliminary proposal amounted to 220 pence per share for the company in cash or shares, a premium of 48.4 pct to Cambian’s Monday close of 148.2 pence.

CareTech has also proposed a possible alternative full-cash offer of 200 pence per share.