IDP Rejects Blackstone Takeover Bid
IDP Education has rejected a sweetened cash takeover proposal from Blackstone worth roughly A$694.7 million. The board argued the bid significantly undervalues the business and overlooks its ongoing restructuring efforts.
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IDP EDUCATION LTD rejected a roughly A$694.7 million ($493.93 million) takeover proposal from BLACKSTONE INC on Tuesday, citing an opportunistic valuation. The rejected cash offer of A$2.50 per share represents a 56% premium over the company's prior close. IDP's board argues the bid undervalues the IELTS co-owner as a multi-year restructuring gets underway in Australia.
