Pearson Pact Reached To Buy Education Development International

Pearson PLC (PSON.LN), said Monday that it has reached agreement on the terms of a recommended cash offer to be made by Pearson for the entire issued and to be issued share capital of Education Development International PLC EDD.LN).

MAIN FACTS:

-The Offer will be made at a price of 200 pence in cash for each Education Development share and values Education Development's entire issued ordinary share capital at GBP112.7 million.

-The Offer Price represents a premium of :

-61% to the Closing Price of 124.0 pence per Education Development Share on March 4, the last business day prior to the commencement of the offer period; and

-73% to the average Closing Price of 115.6 pence per Education Development Share over the three months prior to March 4.

-Education Development is a provider of education and training qualifications and assessment services.

-The directors of Education Development intend unanimously to recommend that Education Development Shareholders accept the Offer, as they have themselves irrevocably undertaken to do or procure to be done in respect of their entire beneficial holdings of Education Development Shares, amounting in aggregate to 5,523,373 Education Development Shares, representing 9.80%. of Education Development's existing issued ordinary share capital.

-Pearson has also received irrevocable undertakings to accept the Offer from each of J O Hambro Capital Management Limited, Wynford Dore and Hargreave Hale Limited, amounting in aggregate to 11,618,087 EDI Shares, representing 20.61% of Education Development's existing issued ordinary share capital.

-Shares closed Friday at GBP10.91, valuing the company at GBP8.87 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com

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