IDP Education rejects $2.50 Blackstone takeover offer
- IDP Education rejected a confidential $2.50 per share buyout offer from Blackstone Singapore.
- The board stated the takeover bid undervalues the company's long-term transformation strategy.
- The rejection comes as IDP continues to execute its multi-year operational strategy.
IDP Education (ASX:IEL) rejected an unsolicited cash proposal from Blackstone Singapore to acquire 100% of the company for $2.50 per share.
The board stated that the $2.50 offer fails to reflect the fundamental value of its global platform, after previously turning down an earlier bid of $2.30 per share.
The company did not provide executive quotes in its announcement regarding the rejected proposal.
The offer required a four-week hard exclusivity period without a fiduciary out clause, alongside final investment committee and regulatory approvals.
Following the announcement, the IDP Education share price was up at $2.16.
The board stated that IDP shares traded above the $2.50 proposal price as recently as late June.
IDP stated that its balance sheet and cash flows remain sufficient to support ongoing business investments.
