BPP Holdings, the legal and financial training group based in Britain, is backing a £303.5 million ($488 million) cash bid from Apollo Global, the educational investor, British media reported.
Apollo Global made a 620 pence a share offer for BPP, a premium to the firm’s closing price Friday of 567 pence. BPP shares have shot up 70 percent since the two firms announced in April that they were in deal talks.
“For shareholders, it presents an opportunity to realize an attractive premium in cash for their shareholding at a time of economic uncertainty and at a very early stage in the development of our business school,” David Sugden, chairman of BPP said Monday.
“We consider this a generous price, particularly given the inherently late cycle nature of BPP’s business and consequent risk of forecast downgrades,” The Financial Times quoted Roddy Davidson, an analyst at Altium Securities, as saying in a note to clients.