BUZZ - Australia’s IDP Education shares fall after rejecting Blackstone Group’s AUD 494 million acquisition offer

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September 23 - ** Shares of Australia’s IDP Education (IEL.AX) plunged as much as 10.2% to A$1.94, marking the biggest intraday loss since August 20

** One of the co-owners of the IELTS English exam announced after Tuesday’s close (link) that it had rejected the approximately A$694.7 million (US$493.93 million) acquisition offer from Blackstone Group BX.N, stating

** On September 9, a fund managed by Blackstone Group made a takeover bid for IDP at A$2.50 per share in cash, a 56% premium over the closing price on September 8

** “For a company that is a co-owner of IELTS, one of the most trusted overseas education intermediaries in Australia, and listed on the ASX, this is undoubtedly the bottom price,” said Hersh Oberoi, Global Director of Research at Balfour Capital Group

** The stock had surged nearly 21% in the previous session to close at A$2.16

** The IDP Board believes the offer seriously undervalues the company and is not 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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