It looks like IXL Learning is going to have some competition in its takeover bid for digital education platform, 3P Learning (ASX:3PL).
Think and Learn Private has lobbed a takeover offer for a cash price of $1.45 per share. The Indian education tech company operates under the brand name BYJU.
It’s non-binding, indicative proposal is subject to a number of conditions including the completion of satisfactory due diligence within 4 weeks and receiving a unanimous recommendation from the Board.
This follows mounting speculation that the offer of Californian based IXL Learning could be in trouble, after major shareholder Viburnum Funds recently raised its stake in the company to 25 per cent, in a move that many believe signals its intention to block the IXL takeover.
We can expect more updates on this in the coming days as the Board digests the offer.
Shares in 3P Learning (ASX:3PL)
closed flat at $1.20 yesterday.