Pearson pushes back EDI offer deadline

FINANCIAL Times publisher Pearson has again extended the deadline for shareholders of Coventry-based Education Development International to accept its bid for the company.

Pearson had set a deadline of 1pm on May 6 for the EDI shareholders to accept its offer, which values the business at around £113m.

However, as the deadline passed, it had only received acceptances from 81.26% of shareholders – a less than 2% increase on its previous offer update.

Pearson has now pushed the offer back to 1pm on May 20 and it has urged those yet to pledge their acceptance to do so as quickly as possible.

The offer price represents a premium of 61% above EDI’s closing price on March 4.EDI has already recommended its shareholders to accept the offer.

The two companies announced on March 7 that an agreement had been struck which would see Pearson take over the education specialist.

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.