Blackstone has increased its non-binding takeover proposal for IDP Education, co-owner of the IELTS English exam. The offer values the company at approximately A$833.7 million (US$571 million).
The revised proposal is A$3.00 per share in cash. That is 20% higher than a previously rejected bid.
This is Blackstone’s third attempt to acquire IDP. Its earlier offers were A$2.30 per share and A$2.50 per share. IDP’s board rejected both, saying they undervalued the company and were opportunistically timed.
IDP shares surged more than 16% after the latest offer was announced. The board is considering the proposal but has not made a decision, and there is no certainty a transaction will proceed.
The bid comes as IDP’s stock has been under pressure from tighter immigration and student-visa policies in key markets.