NEW YORK, Feb. 9, 2016 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the Board of Directors of Apollo Education Group, Inc. ("Apollo" or the "Company") (NASDAQ: APOL) has breached its fiduciary duty to its shareholders in connection with the proposed acquisition of Apollo by a consortium led by private investment firm The Vistria Group.
On February 8, 2016, Apollo Education announced that it had signed a definitive agreement to be acquired and taken private. Under the terms of the agreement, Apollo Education shareholders will receive $9.50 per share in cash for all Class A and B shares of stock owned. However, Apollo Education stock has traded at well above the proposed offer price when it reached $28.51 per share on February 24, 2015 and has traded above the proposed offer price as recently as October 8, 2015, when it traded at $12.36 per share.
The investigation is focused on whether this offer undervalues the Company's shares.
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SOURCE Bernstein Liebhard LLP