Bridgepoint Education Announces Final Results of Tender Offer

        Bridgepoint Education Announces Final Results of Tender Offer

PR Newswire

SAN DIEGO, Dec. 18, 2013

SAN DIEGO, Dec. 18, 2013 /PRNewswire/ -- Bridgepoint Education, Inc. (NYSE:
BPI), today announced the final results of its tender offer to purchase up to
10,250,000 shares of its common stock at a price of $19.50 per share, which
expired at 5:00 p.m., New York City time, on Wednesday, December 11, 2013.

Bridgepoint has accepted for purchase 10,249,766 shares of its common stock,
including all "odd lots" properly tendered, shares tendered through the
conditional exercise of options and shares tendered by Warburg Pincus Private
Equity VIII, L.P. and its affiliates, the Company's major stockholder, at a
purchase price of $19.50 per share, for a total cost of approximately $200
million. Shares tendered through the conditional exercise of options represent
173,409 of the number of shares accepted for purchase. Based on the final
tabulation by Wells Fargo Shareowner Services, the Depositary for the tender
offer, 49,464,692 shares of Bridgepoint common stock, of which 872,092 were
shares tendered through the conditional exercise of options, were properly
tendered and not withdrawn (excluding any conditional tenders that were not
accepted due to the specified condition not being satisfied). Bridgepoint has
been informed by the Depositary that, after giving effect to the priority for
"odd lots," the final proration factor is approximately 19.9%.

The Depositary will promptly issue payment for the shares validly tendered and
accepted for purchase and will return all other shares tendered.

Bridgepoint's Board of Directors created and empowered a Special Committee to
review and decide upon, with the assistance of management, alternatives for
using Bridgepoint's available financial resources. The Special Committee,
consisting of independent directors Dale Crandall, Marye Anne Fox and Robert
Hartman, considered Bridgepoint's existing and anticipated capital structure
and financial position, including Bridgepoint's outstanding common stock,
financial ratios, the market price of its common stock and Bridgepoint's
operations, strategy and expectations for the future.

Barclays Capital Inc. is acting as the Dealer Manager, MacKenzie Partners Inc.
is the Information Agent and Wells Fargo Shareowner Services is the
Depositary. For questions and information, please call the Information Agent
toll free at (800) 322-2885 or call collect at (212) 929-5500.

About Bridgepoint Education

Bridgepoint Education, Inc. (NYSE: BPI) improves the way individuals learn. By
harnessing creativity, knowledge and proprietary technologies, such as
Constellation, Thuze and Waypoint Outcomes, Bridgepoint Education has
re-engineered the modern student experience with innovative solutions that
advance learning. Its academic institutions - Ashford University and
University of the Rockies - embody the contemporary college experience.
Ashford University offers associate's, bachelor's and master's degree programs
while University of the Rockies offers master's and doctoral degree programs.
Both provide progressive online platforms, as well as traditional campuses
located in Clinton, Iowa (Ashford University), and Colorado Springs, Colorado
(University of the Rockies). For more information about Bridgepoint Education,
visit or call Paul Goodson, Associate Vice
President of Investor Relations at (866) 475-0317 x2271.

SOURCE Bridgepoint Education, Inc.
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