Apollo group ups ante for University of Phoenix operator
May 03, 2016
The investor group of Apollo Global Management, The Vistria Group and Najafi Companies has increased its offer to acquire Apollo Education Group (NASDAQ: APOL) after the company announced last week an absence of shareholder approval for a previously agreed-upon deal. The consortium raised its offer to $10 per share, up from the $9.50-per-share bid originally accepted by Apollo Education in February. The new offer is worth about $1.14 billion, an overall uptick of about $40 million from the original deal.