Blackstone's Bid for IDP Education Rejected as Undervalued

IDP Education has rejected an improved takeover offer from Blackstone worth around A$694.7 million ($493.8 million), calling it 'highly opportunistic' and substantially undervalued.

The Australian company, which owns a share of the IELTS English language exam, cited its ongoing multi-year transformation programme as one reason for rejecting the bid.

IDP also argued that the offer did not take into account the future earnings potential of the business and the associated benefits yet to be realized.

The company has faced pressure in recent years due to tighter immigration and student visa policies, with its shares falling nearly 100% from a 2021 peak.