Advtech Ltd., a South African provider of private education, fell the most more than a week after it withdrew from negotiations with Curro Holdings Ltd. following an unsolicited approach from its larger rival.
“The board of Advtech has unanimously resolved that the proposal is not in the best interests of the company,” the Johannesburg-based firm said in a statement on Tuesday.
Advtech shares fell as much as 8 percent before paring losses to trade 2.9 percent down at the close in Johannesburg, valuing the company at 5.3 billion rand ($429 million). Curro declined 0.8 percent.
South Africa’s education system was ranked the fifth-worst among 144 countries in a survey by the World Economic Forum last year, increasing the attraction of private schooling for those who can afford it. The school pass rate for final-year students fell for the first time in five years in 2014 after changes to the curriculum.