Shares of education technology provider
Byju’s made an offer of $15 a share to
2U’s (TWOU) stock rose 21.6% to $11.31 in early Wednesday trading. The stock has fallen almost 54% this year.
Bangalore-headquartered Byju’s counts New York-based hedge fund Tiger Global Management among its backers. Byju’s was one of the most active media and telecom companies across the global merger and acquisition market during 2021, snapping up 10 edtech companies worth a combined $2.5 billion, according to data and analytics firm GlobalData.
Talks between Byju’s and 2U could still fall apart and a deal may not materialize if 2U’s board rejects the offer, Bloomberg said.
A spokersperson for 2U said the company has a long-standing policy of not commenting on market rumor and speculation. Byju’s didn’t immediately respond to a request from Barron’s for comment.
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