BREAKING: IDP rejects $494m private equity takeover bid
IDP rejected a bid from Blackstone – one of the world’s largest private equity firms – worth AUD$694.7 million ($493.93m) on Tuesday September 22, with its board saying the proposal did not account for the future earnings potential and benefits due to its multi-year transformation program.
The bid, worth AUD$2.50 per share in cash, followed a rejected offer for $2.30 per share, marking a premium of around 56% to IDP’s September 8 close, according to Reuters.
It follows a difficult time for IELTs co-owner IDP, which last month reported a 9% fall in revenue to AUD $795.4m for FY26 – citing tighter immigration policies and falling student numbers for the losses.
Strict immigration policies across major markets have proven a significant challenge for the services provider.
The UK and Australia are cracking down on compliance, while the US market faces uncertainy under the leadership of an erratic Trump administration. Meanwhile, Australia and Canada have both capped international student numbers.
Earlier this month, IDP confirmed to The PIE News that it was consolidating 15 of its Indian student placement locations into larger offices nearby.
It told The PIE it followed a review of its Indian business amid challenging recruitment conditions.
More to follow. Check back on this emerging story for updates…