Navitas' FVE Lowered to AUD 5.10 Following Rejection of BGH Offer
We have reduced our fair value estimate for Navitas by 7% to AUD 5.10 per share following the board of directors' decision to deny due diligence access to the BGH consortium. We previously expected the AUD 5.50 per share BGH offer to easily proceed to acquisition considering the premium to the prevailing share price and the involvement of founder and recent CEO Rod Jones. However, the current state of disagreement between BGH and the board and the increase in management’s earnings guidance sugge...Navitas provides educational services to domestic and overseas students. Co.'s segments are: University Partnerships, which delivers education programs, via pathway colleges and managed campuses, to students requiring a university education; SAE Institute, which delivers education programs in creative media including courses in audio, film and multimedia; and Professional and English Programs, which delivers English language tuition, jobs skills training and higher and vocational education in health, security and psychology, and is comprised of four business units: English and Foundation Skills, Careers and Learning Skills, Navitas Professional Institute, and Training and Development.
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