Accountancy training firm BPP agrees 304m takeover

LEGAL and financial training group BPP said yesterday it had agreed an all-cash takeover offer from rival Apollo Global which values the business at &pound;303.5m, ir 620p-a-share<br /><br />BPP &ndash; the UK&rsquo;s only for-profit business college with the power to award degrees &ndash; said that the offer represents a 70 per cent premium to its closing price on 28 April, the day before it announced details of an approach by Apollo Global, a subsidiary of Apollo Group.<br /><br />&ldquo;For shareholders, it presents an opportunity to realise an attractive premium in cash for their shareholding at a time of economic uncertainty and at a very early stage in the development of our Business School,&rdquo; said BPP chairman David Sugden, who was advised by Hawkpoint Partners on the terms of the deal.<br /><br />Altium Securities analyst Roddy Davidson said he considered the offer &ldquo;generous&rdquo; given the late cycle nature of BPP&rsquo;s business, and concerns regarding possible weakness in bookings for legal and accountancy courses over the summer.<br /><br />Apollo Global is 80.1 per cent owned by US education provider Apollo Group, with Carlyle Group holding the remaining 19.9 per cent stake.<br /><br />Shares in BPP closed nine per cent higher at 618p per share.