The Baring Asia Private Equity Fund IV L.P. said it has agreed a 460 pence per share recommended cash offer for Nord Anglia Education Plc.
Nord Anglia Education PLC is a leading provider of education, training and guidance within the UK and overseas.Nord Anglia are positioned in key sectors of the education market to deliver quality learning experiences to people at every stage of their lives and are the only company focussed solely on education to be quoted on the London Stock Exchange.
The offer values the education and training provider at about 190 million pounds and represents a premium of over 60% on their average closing price of 286 for the three months untill June 6th 2008.
Nord Anglia’s International School Division operates schools in Central Europe and the Far East and is focused on the delivery of high quality British-style education to children and young people between 2-18 years of age. Each school’s curriculum is based on the National Curriculum of England and adapted country by country to meet the different cultures and local conditions.
The Learning Services Divison works in partnership with government departments (including OFSTED), Local Education Authorities and other public sector organisations to deliver a wide range of education, training and learning support contracts both in the UK and overseas.
Baring said it holds and expects to receive later today (July 4th 2008), irrevocable undertakings and non-binding letters of intent to accept the offer of about 19.82 million Nord Anglia shares representing about 49.5 percent of its existing share capital.Recommend0 recommendationsPublished in