BPP receives takeover approach

BPP Holdings, the owner of BPP Law School has today (29 April) received a preliminary takeover approach from Apollo Global.

BPP Holdings, the owner of BPP Law School, has today (29 April) received a preliminary takeover approach from Apollo Global.

Apollo Global, a joint venture formed in 2007 between Apollo Group and private equity house The Carlyle Group, is considering an all-cash offer for BPP at a price of 620 per share. This represents a 70 per cent premium to the closing share price of BPP yesterday (28 April) of 365 pence. The potential offer, which is subject to completion of satisfactory due diligence, values BPP at £303.5m.

Any offer made by Apollo Global will not be subject to external financing conditions.

Apollo Global is 80 and 19.9 per cent owned by Apollo Group and Carlyle respectively. Apollo Global was created with the intention of making a range of investments in the international education services sector.

Apollo Group, Inc. has been an education provider for more than 30 years, operating the University of Phoenix, the Institute for Professional Development, the College for Financial Planning, Western International University and Insight Schools.

Apollo is being advised by Eversheds while BPP has instructed Macfarlanes.

The takeover approach is not expected to have any impact on existing students or those who have accepted a place on BPP courses starting in September 2009.