Pearson's Board Confident In Its Direct To Consumer, Lifelong Learning Strategy

(RTTNews) - Pearson PLC (PSO, PSON.L) issued a statement as response to announcement from Apollo Global Management, Inc. and its subsidiaries that it is no longer evaluating a cash offer for Pearson. Pearson's Board is confident that the direct to consumer, lifelong learning strategy set out by Management in March 2021 will create sustainable, long-term value for the company's stakeholders.

The Board of Pearson unanimously rejected the third proposal from Apollo as it significantly undervalued the company and its future prospects. The third proposal valued the entire issued and to be issued share capital of Pearson at 870 pence per share. Under Apollo's proposal, eligible Pearson shareholders would also be entitled to receive the previously announced fiscal 2021 dividend of 14.2 pence per share which, when taken together with the proposal price, represented a total value of 884.2 pence per share.