Deals
Pearson Says Apollo Offers ‘Undervalued’ Company
- Second offer valued company at about 6.5 billion pounds
- Pearson’s largest shareholder is activist investor Cevian
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Pearson Plc, the education and publishing company that’s in the midst of a long and rocky turnaround effort, said two offers from Apollo Global Management Inc. “significantly undervalued” the business.
A preliminary and conditional November cash offer of 800 pence per share was rejected, as was a March 7 proposal for 854.2 pence per share, London-based Pearson said in a statement Friday. The first valued the company at about 6.1 billion pounds ($8 billion) and the second at about 6.5 billion pounds.