Blackstone offers IDP Education $3.00 per share
By Jon CuthbertKey points
- Blackstone submitted an unsolicited proposal to acquire IDP Education for $3 per share in cash.
- The indicative cash offer represents an increase over Blackstone's previous rejected offers of $2.30 and $2.50 per share.
- The IDP board said it will assess whether the proposal serves the best interests of its shareholders.
IDP Education (ASX:IEL) received a revised, unsolicited takeover proposal from Blackstone (NYSE:BX) offering $3 in cash per share.
The proposal follows the rejection of prior bids from Blackstone at $2.30 and $2.50 per share, which the board concluded undervalued the company.
The price payable under the revised scheme would be reduced by any future dividends or distributions declared after Nov. 10.
IDP stated that its board has made no decision yet regarding the proposal and noted that a transaction is not guaranteed.
Following the announcement, the IDP Education share price was unchanged at $2.66.
The company provides student placement and English testing services across major international markets.
It is currently carrying out an operational restructuring programme to reduce testing locations and streamline costs.
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