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Global education provider, Navitas Limited (ASX:NVT) made an announcement on 18 February 2019 stating that it has agreed to extend the exclusivity period granted to the BGH Consortium from 18 February 2019 to 1 March 2019. The extension of the exclusivity period will allow additional time for the BGH Consortium to complete a limited set of remaining due diligence investigations. And further, it will also enable the parties to conclude the negotiation of a binding scheme implementation deed.
The BGH Consortium has also confirmed that it is committed to executing a scheme implementation deed with an offer price of $5.825 cash per Navitas share. The scheme implementation deed is subject to finalization of satisfactory due diligence, consistent with its revised, non-binding proposal announced by Navitas to ASX on 15 January 2019.
The Directors of Navitas are unanimously recommending the Proposal to shareholders subject to the parties entering into a binding SID on terms consistent with the Proposal and the Process and Confidentiality Deed, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Proposal is in the best interests of Navitas shareholders.
As per the existing terms of the Process and Confidentiality Deed, the Directors of Navitas are going to hold their intention to unanimously recommend the Proposal beyond the expiry of the revised exclusivity period on 1 March 2019, until at least 5 March 2019. This will allow the parties time to finalize the scheme implementation deed.
The extension of the exclusivity period has been affected by amending the Process and Confidentiality Deed. As per the company announcement, to date, there is no certainty that the Proposal will result in a transaction and the company has advised its shareholders that they do not need to take any action in relation to the Proposal.
Recently, the company renewed its partnership with two leading universities i.e., the University of Portsmouth and the University of Plymouth. Now the company will deliver university pathway programs at the University of Plymouth International College (UPIC) until 2029 and at the International College Portsmouth (ICP) for a further ten years.
Now, let us have a quick look at Navitas Limitedâs stock performance and the return it has posted over the last few months. The stock traded at a price of $5.640 with a market capitalization of ~$2.02 billion as on 19 February 2019. The counter opened the day at $5.640, reached the dayâs high of $5.650 and touched the dayâs low of $5.625 with a daily volume of ~339,691. The stock has provided a YTD return of 13.94% & also posted returns of 23.96%, 10.59% & 0.71% over the past six months, three & one-months period respectively. The share price of the company touched a 52-week high of $5.675 and 52 weeks low of $3.870, with an average volume of ~896,009.
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