- U.K. education publishing group Pearson PLC (NYSE:PSO) refused Apollo Global Management Inc's (NYSE:APO) March 7 takeover proposal for 854.2 pence per share which valued Pearson at £6.5 billion, Bloomberg reports.
- Previously, Pearson rejected Apollo's November cash offer of 800 pence per share, valuing Pearson at £6.1 billion ($8 billion).
- Pearson reasoned that the offers significantly undervalued the company.
- Apollo needs to either announce a firm intention to make an offer for Pearson or withdraw by April 8.
- Pearson has been battling a decline in its traditional business of college publishing.
- CEO Andy Bird, a former The Walt Disney Co (NYSE:DIS) official, focused on direct-to-consumer digital opportunities by launching a new app called Pearson+.
- Europe's leading activist investor, Cevian Capital AB, owns a 10.2% stake in Pearson at present.
- Price Action: PSO shares traded higher by 17% at $10.17 on the last check Friday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Pearson Shares Soar As It Ditches Apollo's Takeover Offer Second Time
Pearson (Organization)
Apollo (Organization)
NYSE
PSO
Andy Bird
Apollo Global Management Inc
Europe
United Kingdom
Walt Disney Co
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks