Navitas says offer doesn’t reflect company’s value

Company News

by Anna Napoli

Global education provider, Navitas (ASX:NVT) says the takeover proposal it received from the BGH Consortium earlier this month doesn't reflect the value implied by management's strategy and plan.

In order to determine if there is a proposal that the board could support Navitas has offered to engage with the BGH consortium.

The company says any access to due diligence would only be provided on terms which are in the best interests of all Navitas shareholders.

On the 10th of October 2018 Navitas received a non-binding offer from the BGH Consortium of $5.50 cash per share which represents a premium of 26 per cent to the closing price on 9 October 2018.

Shares in Navitas (ASX:NVT) closed 1.19 per cent lower to $4.98 on Friday.