Apollo Group in Preliminary Discussions with BPP Holdings
April 29 2009 - 3:00AM
Business Wire
Apollo Group, Inc. (Nasdaq: APOL) (�Apollo Group,� �Apollo� or
�the Company�) confirmed today that its 80.1% owned subsidiary,
Apollo Global, Inc., has approached the Board of BPP Holdings plc
(�BPP�), a European provider of professional education and
training, to discuss the potential acquisition of all of the
outstanding shares of BPP at 620 pence per share in cash. No offer
has been made and further discussions are subject to Apollo
Global�s completion of a satisfactory due diligence investigation.
There is no certainty that an offer will be made or that, if an
offer is made, a transaction will be consummated.
This announcement is being made by Apollo Group because BPP
requires disclosure of certain information about the potential
transaction. Apollo undertakes no obligation to update this
information. A further announcement will be made if and when Apollo
Group deems it appropriate or as may be required by law.
About Apollo Group,
Inc.
Apollo Group, Inc. has been an education provider for more than
30 years, providing academic access and opportunity to students
through its subsidiaries, University of Phoenix, Institute for
Professional Development, College for Financial Planning, Western
International University, Meritus University, Insight Schools and
Apollo Global. The Company's distinctive educational programs and
services are provided at the high school, undergraduate, graduate
and doctoral levels in 40 states and the District of Columbia;
Puerto Rico; Canada; Mexico; Chile; and the Netherlands, as well as
online throughout the world (data as of February 28, 2009).
For more information about Apollo Group, Inc. and its
subsidiaries, call (800) 990-APOL or visit the Company�s website at
www.apollogrp.edu.
About Apollo Global,
Inc.
Apollo Global, Inc., a $1 billion joint venture formed in 2007,
is 80.1% owned by Apollo Group, Inc. and 19.9% owned by private
equity firm The Carlyle Group. Apollo Global was formed with the
intention of making a range of investments in the international
education services sector. Apollo Global is a consolidated
subsidiary of Apollo Group, Inc.
United Kingdom Dealing
Disclosure Requirements
Under the provisions of Rule 8.3 of the United Kingdom Takeover
Code (the �Code�), if any person is, or becomes, �interested�
(directly or indirectly) in 1% or more of any class of �relevant
securities� of BPP, all �dealings� in any �relevant securities� of
that company (including by means of an option in respect of, or a
derivative referenced to, any such �relevant securities�) must be
publicly disclosed by no later than 3:30 pm (London time) on the
London business day following the date of the relevant transaction.
This requirement will continue until the date on which the proposed
offer becomes, or is declared, unconditional as to acceptances,
lapses or is otherwise withdrawn or on which the �offer period�
otherwise ends. If two or more persons act together pursuant to an
agreement or understanding, whether formal or informal, to acquire
an �interest� in �relevant securities� of BPP, they will be deemed
to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all �dealings� in
�relevant securities� of BPP by Apollo Group or BPP, or by any of
their respective �associates,� must be disclosed by no later than
12:00 noon (London time) on the London business day following the
date of the relevant transaction.
A disclosure table, giving details of the companies in whose
�relevant securities� �dealings� should be disclosed, and the
number of such securities in issue, can be found on the Takeover
Panel�s website at www.thetakeoverpanel.org.uk.
�Interests in securities� arise, in summary, when a person has
long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated
as having an �interest� by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities.
Terms in quotation marks are defined in the Code, which can also
be found on the Panel�s website. If you are in any doubt as to
whether or not you are required to disclose a �dealing� under Rule
8, you should consult the Panel.
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