IDP Education Rejects Blackstone’s A$695 Million Bid

IDP Education has rejected Blackstone’s latest cash takeover proposal, worth about A$695 million, saying the A$2.50-per-share offer substantially undervalues the international student-placement and IELTS testing company. The bid, which followed an earlier A$2.30-per-share approach, represented a roughly 56% premium to IDP’s share price before the offer became public, lifting the stock 20.7% to A$2.16. IDP’s board called the proposal highly opportunistic, arguing that it failed to reflect the company’s future earnings potential or benefits from its multiyear transformation program. The rejection comes as tighter immigration and student-visa policies have reduced demand in Australia, Britain, the United States and Canada, contributing to declining student volumes, weaker earnings and a major restructuring. The company has signaled confidence in its longer-term strategy through cost reductions and a A$50 million share buyback, while Blackstone has not publicly commented on the rejection.