Navitas offered a buyout from a consortium

Company News

by Rachael Jones

Education company Navitas (ASX:NVT) has received an buyout offer from a consortium consisting of private equity firm BGH Capital, fund manager AustralianSuper and top shareholder Rodney Jones.

The Indicative Proposal would offer Navitas shareholders $5.50 cash per share or, alternatively they could receive consideration of $2.75 cash per Navitas share; and one ordinary share in a newly formed unlisted company that will initially own Navitas (“RollCo”) for every two shares held in Navitas.

The A$5.50 per share quote represents a 26.4 percent premium as of last close.

Shares in Navitas (ASX:NVT) closed 1.14 per cent lower at $4.35 yesterday.