Apollo Education Group Inc. shareholders should reject a $1.1 billion takeover bid by a group of private-equity firms because the deal is based on an “extraordinarily low valuation,” a voting adviser said.
Institutional Shareholder Services Inc. said the $9.50 offer should be rebuffed because the upside for Apollo Education as a standalone company is “more compelling than its risks,” according to a report published last week. Investors are scheduled to vote on April 28.
