Intueri denies speculation of takeover talks

Tuesday 15th December 2015

Intueri Education Group said it hasn't been approached or had discussions with any parties in relation to a takeover, after the Australian newspaper reported that private equity firms were eyeing New Zealand's largest private training institution.

The Australian newspaper last week reported that Australian private equity firms Anchorage Capital Partners, Champ Private Equity and Arowana International were looking at Intueri for a potential takeover following a slump in its market value, citing sources it didn't identify.

Auckland based Intueri said in a statement to the New Zealand stock exchange today that it hadn't had any approaches or discussions with any parties in relation to a takeover of the business.

Intueri shares were sold in an initial public offering in May 2014 at $2.35 apiece, valuing the company at $252.5 million. The stock last traded at 57 cents, valuing the company at $57 million.

Its shares have slumped 78 percent this year, making it the second-worst performer on the S&P/NZX All Index, on concerns about the financial viability of the sector after Australian education provider Vocation was placed into voluntary administration when the Victorian government withdrew funding amid criticism of the company's courses.

Intueri has said it's in a sound financial position even though the Tertiary Education Commission is reviewing funding at two of its schools.

BusinessDesk.co.nz

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