Australia's IDP Education slips after rejecting Blackstone's third buyout attempt
BX•IDP Education shares fell as much as 3.9% to A$2.47 after it rejected Blackstone's third takeover offer, which valued the company at A$833.7 million ($564.50 million). IDP said the offer substantially undervalued the company and was “opportunistic.”
1. Offer rejected
IDP Education shares fell as much as 3.9% to A$2.47 in early trade, their largest intraday percentage drop since late September. The IELTS English language exam co-owner rejected Blackstone's revised offer valuing it at A$833.7 million ($564.50 million), calling it substantially undervaluing and “opportunistic.” Its shares were down 56.1% year to date, including the day's moves.
