IDP Education Rejects Revised A$694.7 Million Blackstone Bid

IDP Education rejected a revised cash takeover proposal from Blackstone on September 22. The board of the Melbourne-based IELTS co-owner described the A$694.7 million ($493.93 million) bid as "highly opportunistic" and stated that it "substantially undervalues" the business.

Blackstone-managed funds offered A$2.50 per share, a 56% premium over the closing price from September 8. This revised offer followed a previous bid of A$2.30 per share, which was also rejected. The board believes a multi-year restructuring program will revive earnings and deliver greater value to shareholders than the current cash offer.

The bid follows a period of severe financial decline for IDP Education. The company's statutory net profit dropped approximately 90% over two years, falling to A$13.3 million in fiscal 2026. This downturn was driven by tighter student-visa and immigration policies in major destination markets.