EDI recommends £112m offer from Pearson

COVENTRY education specialist EDI is recommending a £112m cash offer from Pearson plc.

Pearson, a major educational publisher, and owner of the Financial Times, has made an offer of 200p per share for EDI, which offers assessment and qualification services.

The offer price represents a premium of 61% above EDI’s closing price on Friday.

Pearson said the acquisition would complement its existing work-based learning business and will create an enlarged qualifications group offering a comprehensive range of vocational and academic services in the UK and abroad.

John Fallon, chief executive of Pearson’s international education business, said
“In EDI we have found a dynamic partner who shares our commitment to education and training.  In the UK and around the world, we will be  even better placed to work with employers and training partners to  develop high quality apprenticeships and related qualifications.  In  this work, we will help companies to be more competitive and make  their staff more employable.”

Nigel Snook, pictured, chief executive of EDI, said: “The offer price to acquire the EDI business reflects the value created for shareholders over the past 10 years through the hard  work and commitment of the staff and management team.  We now look  forward to working with our Pearson colleagues to take the business on to its next stage, creating a world-class organisation supporting vocational education and training programmes in the UK and internationally.”

Citi is acting as financial adviser and corporate broker to Pearson.  Brewin Dolphin is acting as financial adviser and corporate broker to EDI.