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Benzinga
Benzinga
Business
Anusuya Lahiri

Pearson Shares Soar As It Ditches Apollo's Takeover Offer Second Time

Pearson (Organization) Apollo (Organization) NYSE PSO Andy Bird Apollo Global Management Inc Europe United Kingdom Walt Disney Co
  • U.K. education publishing group Pearson PLC (NYSE:PSO) refused Apollo Global Management Inc's (NYSE:APO) March 7 takeover proposal for 854.2 pence per share which valued Pearson at £6.5 billion, Bloomberg reports.
  • Previously, Pearson rejected Apollo's November cash offer of 800 pence per share, valuing Pearson at £6.1 billion ($8 billion).
  • Pearson reasoned that the offers significantly undervalued the company.
  • Apollo needs to either announce a firm intention to make an offer for Pearson or withdraw by April 8. 
  • Pearson has been battling a decline in its traditional business of college publishing.
  • CEO Andy Bird, a former The Walt Disney Co (NYSE:DIS) official, focused on direct-to-consumer digital opportunities by launching a new app called Pearson+.
  • Europe's leading activist investor, Cevian Capital AB, owns a 10.2% stake in Pearson at present.
  • Price Action: PSO shares traded higher by 17% at $10.17 on the last check Friday.
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