November 11, 2018 / 11:28 PM / a month ago

Australia's Navitas rejects takeover bid, shares drop

Nov 12 (Reuters) - Australian adult education provider Navitas said on Monday it has rejected a further takeover offer from the BGH Consortium after the offer price remained the same and the terms and conditions were also similar.

Navitas last month rebuffed an offer from its founder and the private equity firm, but said it was open to talks.

In a statement on Monday, the company maintained its view that the offer undervalued the company and said its board was exploring a transaction with a number of other parties.

Navitas shares fell more than 3 percent to A$5.08, below the offer price of A$5.50 per share. (Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin)

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