IDP Education has revealed it received a takeover offer from Blackstone more than two weeks ago, but rejected the bid as it undervalued the company, which is the country's largest listed provider of schooling to international students.
The company, which has seen its share price slashed by almost two-thirds this year as the Albanese government restricts international student visas, also stated it had received an earlier, lower bid from the New York-headquartered buyout giant, but did not specify when.
IDP only disclosed the two bids after The Australian Financial Review’s Street Talk column reported the approach on Tuesday afternoon, sending shares in the company soaring more than 20 per cent shortly before market close.
In a statement on Wednesday, IDP said its board considered the proposal “highly opportunistic in light of the current industry conditions and the company being partway through a multi-year transformation”.
Blackstone’s first offer was priced at $2.30 a share. Its second bid, made on September 9, was at $2.50 per share. Even after a late surge on Tuesday, following the initial report of the proposal, shares were trading at $2.16.
