Australia’s IDP shares drop after rejecting $494 mln Blackstone offer
On Wednesday, IDP Education (ASX:IEL) shares dropped following the rejection of a $494 million takeover offer from Blackstone. The Australian education services provider stated that the proposal substantially undervalued the company. IDP had previously rejected an earlier unsolicited offer of A$2.30 per share from Blackstone's funds, managed and advised by the investment firm.
The board emphasized that the new offer failed to consider IDP's global platform value, future earnings potential, or benefits from its multi-year transformation program. The rejection was deemed "highly opportunistic" due to the current industry conditions, as IDP's shares had traded above A$2.50 as recently as late June.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
