Apollo drops takeover offer for education group Pearson

The firm brand is displayed exterior the Pearson workplaces in London, Britain August 4, 2017. REUTERS/Neil Hall

March 30 (Reuters) – U.S. funding agency Apollo (APO.N)dropped its bid for Britain’s Pearson (PSON.L) on Wednesday after the 2 sides didn’t agree on worth, sending the London-listed education firm’s shares down 12%.

Pearson revealed earlier this month that it had rejected two takeover approaches from Apollo, saying that the upper bid of $8.5 billion had undervalued the group. The information despatched shares in Pearson up 22% on the day. learn extra

The second proposal valued Pearson at 854.2 pence. Its shares have been buying and selling at 695 pence at 0950 GMT on Wednesday.

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