BUZZ-IDP Education shares fall after rejecting Blackstone’s $494 million acquisition offer

September 23 - ** Shares of Australian IDP Education Group (IEL.AX) dropped as much as 10.2% to 1.94 Australian dollars, marking the biggest intraday decline since August 20.

** The co-owner of the IELTS English test announced after Tuesday's close that it had rejected Blackstone Group's BX.N proposed acquisition offer of approximately 694.7 million Australian dollars (493.93 million US dollars) (link).

** On September 9, a Blackstone-managed fund offered to acquire IDP for 2.50 Australian dollars per share in cash, representing a 56% premium over the closing price on September 8.

** In the previous trading day, the stock surged nearly 21% to close at 2.16 Australian dollars.

** The IDP board considers the offer to significantly undervalue the company and not be in the best interests of shareholders.

** The stock has fallen more than 65% so far this year.

(1 US dollar = 1.4065 Australian dollars)

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