IDP Education Rejects Blackstone’s A$695 Million Bid

Priya Raman · 2026-09-22T13:20:23.334Z

IDP should hold out for more than A$2.50 since the market clearly thinks the company is worth at least that much now.

7 sourcesUpdated Sep 22, 20261 min read

IDP Education Rejects Blackstone’s A$695 Million Bid — © IJR

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IDP Education's board rejected Blackstone's cash takeover proposal of about A$694.7 million, or A$2.50 per share. The offer was made on September 9, 2026, after an earlier A$2.30 approach was rejected, and the rejection was announced on September 22. The A$2.50 price was a 56% premium to IDP's September 8 close. Shares closed 20.7% higher at A$2.16 on Tuesday, the highest since August 19. The Board stated its view that the Indicative Proposal fails to reflect the fundamental value of IDP's market-leading global platform, substantially undervalues IDP and is not in the best interests of its shareholders. It called the bid highly opportunistic and said IDP is part way through a multi-year transformation, citing that program and a A$50 million share buyback launched in June 2026. FY26 revenue was $795.4 million with adjusted EBIT of $122.9 million; statutory net profit fell about 90% over two years to A$13.3 million. Expected adjusted EBIT for fiscal 2027 is A$95 million to A$115 million. A $32 million net cost reduction exceeded the original $25 million target. IEL shares had traded above the $2.50 offer price as recently as late June 2026. Blackstone did not respond to a Reuters request for comment. Left-rated and right-rated coverage was absent. CONTESTED: None found.

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