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Apollo Education Holders Approve Bid From Apollo Global

Apollo Education Group Inc. shareholders approved the $10.00-a-share offer valued at $1.14 billion from a group led by Apollo Global Management LLC.

More than 63 percent of the Class A shares that voted were in favor of the transaction, which represented about 54 percent of the outstanding Class A shares, according to a statement Friday. All Class B shareholders voted for the transaction.

The private equity firm, along with investors including Vistria Group, revised an earlier offer of $9.50 per share, after major shareholders said it undervalued the for-profit education company. Apollo Education’s shares climbed 7.2 percent in after-hours trading to $9.59, after closing Friday at $8.95. At the closing price, the company has a market value of about $972 million.

“This has been a robust process in which our board of directors reviewed many strategic alternatives and found this transaction to be in the best interest of all stakeholders,” Greg Cappelli, chief executive officer of...


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