Training firm agrees £190m offer
Training firm Nord Anglia Education said it had agreed a £190 million private equity takeover.
The company's is recommending a 460p-a-share offer from Baring Private Equity Asia after rejecting a lower approach from the suitor in June.
Baring is eyeing the healthy growth prospects for Nord's international schools in emerging markets such as China.
Nord's overseas schools offer a British-style education delivered mostly by fully qualified, British educated teachers.
Its shares rose more than 20% following the announcement.
Baring - which made its initial approach in May - already has support from investors representing almost half of Nord's shares.
The recommended offer represents a premium of more than 60% to the company's closing share price on the day before Nord first announced a possible deal.
Nord chairman Alan Kelsey said the offer represented "an excellent opportunity" for investors as Baring - Asia's biggest private equity firm - used its connections to grow the business. The company has been investing in the region since 1998.
"Nord Anglia will benefit from Baring's impressive array of education expertise, financial resources and regional connections in the Far East and will therefore be an excellent home for the business and be able to support the company's future development", Mr Kelsey added.
Nord has been operating international schools since 1992. It has sites in European cities such as Budapest, Prague and Warsaw as well as three in Shanghai. Last year the group also opened international pre-schools in Seoul, South Korea and Ningbo, China.
