Since its share price peaked in 4Q21, IDP Education (IEL AU), a multinational education services outfit, has fallen ~95%.
IDP has faced pressure from immigration/student visa caps and competing English language tests for students and immigrants. Plus, IDP has never recovered from Covid.
That share price decline was not lost on Blackstone, which has tabled two NBIOs (the last at A$2.50/share), both of which have been rightfully rejected. Definitely scope for a re-bid.
The Trade:
Both NBIOs were pitched around a life-time low share price for IDP.
I would not be a seller here. But it’s not a pound the table buy either. There’s still work to do.
Blackstone may reload. It may not.
Separately, Kip Mcgrath Education Centres (KME AU), a peer of sorts to IDP, is currently subject to a (hostile?) Offer from Crimson Education of A$0.73/share, in which the founder himself, Kip McGrath, has accepted terms.