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IDP Education jumps 20% after rejecting Blackstone's sweetened takeover bid
A takeover bid investors think could go higher turned a struggling education stock into one of the week's biggest corporate movers.
Shares of Australian education company IDP Education jumped about 20.7% after the company rejected a revised takeover proposal from Blackstone.
Blackstone offered A$2.50 per share, a 56% premium to IDP's September 8 close, but IDP's board said the offer still undervalued the business.
Why it moved
The rejection increased speculation that Blackstone—or another buyer—could return with a higher offer. The move came even though IDP's recent financial results have been weak, with lower international-student demand weighing on revenue and profit.
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