March 21, 2019 / 6:37 AM / a month ago

Australia's Navitas agrees to $1.49 bln takeover offer from consortium

March 21 (Reuters) - Australian adult education provider Navitas Ltd on Thursday said its board would recommend shareholders accept a A$2.09 billion ($1.49 billion)takeover offer by a consortium comprising its founder and a private equity firm.

“Navitas directors unanimously recommend Navitas shareholders vote in favour of the scheme, in the absence of a superior proposal,” the company said in a statement.

The offer, to be voted on in June, represents a 3.6 percent premium to Navitas shares’ previous closing price.

$1 = 1.3994 Australian dollars Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Christopher Cushing

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