Investors are getting jittery about whether the U.S. Department of Education will approve the proposed sale of the Apollo Education Group, owner of the University of Phoenix, to a group of three private equity firms.
Nine months have passed since the Apollo Education Group announced the $1.14 billion deal to take the nation’s largest university private. Shareholders voted to back the sale in May. The next step is the department’s review of Apollo’s change in ownership. The Higher Learning Commission, which is Phoenix’s accreditor, also would have to examine the deal if the feds sign off on it.
Yet with no word from Washington, Apollo’s shares were trading at roughly $8.80 in early November, which is below the deal’s offer price of $10 per share.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2016/11/04/optics-may-be-part-holdup-education-department-review-apollos-sale