Apollo considers cash takeover bid for UK publisher Pearson

Apollo Global Management is in the “preliminary stages” of evaluating a possible cash offer for UK education publishing group Pearson.

The US private equity group provided no financial details of a potential bid but expressed its interest in a statement on Friday. “Apollo”. . . notes the recent market speculation in relation to Pearson and confirms that Apollo is in the preliminary stages of evaluating a possible cash offer,” it said.

Shares in Pearson soared 17 per cent in midday London trading.

Apollo must either announce a firm intention to make an offer for Pearson or withdraw by April 8. Barclays is acting on behalf of Apollo.

Pearson chief executive Andy Bird, a former senior Disney executive brought in to lead the FTSE 100 group in 2020, is under pressure to return the company to growth after years of disappointing returns. He has put a digital-led subscription model, sometimes likened to Netflix, at the heart of his plan.

More to follow . . .

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