Wey share price up by 43.1%
Wey Education (LON:WEY), the AIM-listed online teaching group, has seen its stock jump up on Thursday as it reached an agreement to be taken over by Inspired Education Online which has valued the business above £70m.
Inspired Education Online, founded in 2013, owns 60 private pay schools across the world in addition to its online business King’s College Online, is offering 47.5p a share in cash for Wey.
In response the education company’s share price jumped by 43.1% to 46.5p, an increase of 14p.
Commenting on the Acquisition, Nadim Nsouli, founder, Chairman and CEO of Inspired and director of Bidco, said:
“We are pleased to receive the recommendation from the Board of Directors for the acquisition of Wey Education, a long-term leader in online education with a strong reputation in the UK and international markets,” Nsouli said.
“We believe this represents an exciting development for both Inspired and Wey, which will support the Combined Group’s growth nationally and internationally. Wey, which is providing a British curriculum education through its online live teaching and learning platform, will now be able to benefit from the support of a global schools group with leading educational experts, strong brand recognition, and premium physical facilities across the globe.”
From the perspective of Wey, Barrie Whipp, chairmen of the company said:
“The Board believes that Wey being part of the Inspired Group will be positive for students, staff and teachers that remain with the business. Inspired has made an all-cash offer at a price per share that the Wey Education Board feels it can support and a premium to the current share price that allows shareholders to realise a gain fairly reflecting Wey’s future growth opportunities. Accordingly, the Wey Education Board intends to unanimously recommend the offer by Inspired to Wey’s Shareholders to vote in favour of the Scheme.”