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(Alliance News) -Apollo Global Management Inc confirmed on Wednesday that it doesn't intend to make an offer for Pearson PLC.
Shares in Pearson were down 12% at 694.91 pence on Wednesday morning in London following the announcement.
The New York-based private equity and investment management firm Apollo explained it has been unable to reach an agreement with Pearson's board regarding the offer.
Apollo had made two cash offers for the London-based education publisher in November and March. Both of these offers were rejected.
Pearson said the first rejected proposal, received in November, was for a possible cash offer of 800 pence per share. A second proposal at a price of 854.2p per share - including the 2021 dividend of 14.2p per share - was received in March. Pearson said it ‘considered’ the offer but also ‘unanimously’ rejected this offer.
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