Navitas Gives In To Private Equity Consortium BGH

By Glenn Dyer | More Articles by Glenn Dyer

A bit more cash has won the day in the offer for education provider, Navitas.

Navitas directors yesterday accepted a higher $2.3 billion takeover bid from local private equity group BGH Consortium (which has also made a separate run at Healthscope).

The Perth-based company said directors unanimously recommended the $5.825-a-share all-cash offer.

The board had indicated in January it would accept the bid once BGH completed due diligence.

Navitas added 32.5 cents a share to the $5.50 a share earlier offer made last October. The shares closed at $5.62 on Wednesday and trading was halted yesterday ahead of the announcement.

BGH Capital launched the bid seven months ago with AustralianSuper and former Navitas chief executive and co-founder Rod Jones who will be selling half his $263 million stake into the bid.

A Navitas shareholder meeting will be held in June to approve the deal.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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