Pearson extends deadline on £112m offer for EDI

PEARSON, the publishing group aiming to take over Coventry education specialist EDI, has extended the deadline for shareholders to respond to its £112m offer for the company.

On March 7, Pearson and Education Development International announced a deal had been struck which would see the Financial Times owner take over EDI provided there was shareholder support for the move.

As of yesterday, Pearson said it had received support from 70.7% of EDI shareholders for its 200p per share bid.

Pearson also said it was extending the deadline for acceptances to be received to April 26.

“EDI Shareholders who wish to accept (and have not yet validly accepted) the offer are urged to take action as soon as possible,” said Pearson in a statement.

It said any further extensions would be announced in due course.

EDI, which offers assessment and qualification services, has recommended the cash offer be accepted.

The Pearson offer price represents a premium of 61% above EDI’s closing price on March 4.

Pearson has said the acquisition will 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.

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