Schroders Plc, Apollo Education Group Inc.’s biggest shareholder, has urged the board to reconsider a sale of the business, saying a takeover is unlikely to be in the best interests of investors.
U.K. asset manager Schroders, which owns more than 13 percent of the U.S. company, sent a letter to Chairman Peter Sperling on Jan. 19, a week after Apollo Education said it was in talks with an undisclosed party that could lead to a deal. Private-equity firm Apollo Global Management LLC, which is unrelated to the Phoenix-based company, was reported by Dow Jones as the likely buyer and could pay as much as $1 billion.
