Apollo Global has today (9 June) made a cash offer of £303.5m to take over BPP Holdings, the owner of BPP Law School.
Apollo Global, a joint venture formed in 2007 between Apollo Group and private equity house The Carlyle Group, has made an all-cash offer for BPP at a price of 620 pence per share. The bid has been recommended by BPP Holding’s board.
This represents a 69.9 per cent premium to the closing share price of BPP on 28 April of 365 pence, the date the parties confirmed they were in talks.
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.
The takeover is not expected to have any impact on existing students or those who have accepted a place on BPP courses starting in September 2009.