Apollo Education Group, Inc. Explores Strategic Alternatives
January 11 2016 - 7:10AM
Business Wire
Apollo Education Group, Inc. (Nasdaq: APOL) announced today that
the Board of Directors has made the determination to explore
strategic alternatives while the Company continues to execute its
ongoing business transformation. The Board is currently in
discussions that could potentially lead to a change of control of
the Company. The Board believes that these actions will support and
accelerate Apollo’s strategic initiatives, which include the
continued growth and investment in Apollo Global and the
continuation of the University of Phoenix’s transformation plan to
further enhance student outcomes and provide outstanding, career
relevant higher education for working adults.
The Company has retained Barclays and Credit Suisse as financial
advisors and Sullivan & Cromwell as legal advisor. There can be
no assurance that any transaction will be pursued or completed.
Given the ongoing nature of these discussions, the Company will not
make any further comment at this time.
About Apollo Education Group, IncApollo Education Group,
Inc. is one of the world’s largest private education providers,
serving students since 1973. Through its subsidiaries, Apollo
Education Group offers undergraduate, graduate, professional
development and other nondegree educational programs and services,
online and on-campus principally to working learners. Its
educational programs and services are offered throughout the United
States and in Europe, Australia, Latin America, Africa and Asia, as
well as online throughout the world. For more information about
Apollo Education Group, Inc. and its subsidiaries, call (800)
990-APOL or visit the Company’s website at www.apollo.edu.
Forward-Looking Statements Safe
HarborStatements about Apollo Education Group and its
business in this release which are not statements of historical
fact, including statements regarding Apollo Education Group’s
future strategy and plans and commentary regarding future results
of operations and prospects, are forward-looking statements and are
subject to the Safe Harbor provisions created by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current information and expectations and
involve a number of risks and uncertainties. Actual plans
implemented and actual results achieved may differ materially from
those set forth in or implied by such statements due to various
factors, including without limitation: (i) the impact of increased
competition from traditional public universities and proprietary
educational institutions; (ii) the impact of the initiatives to
transform University of Phoenix into a more focused, higher
retaining and less complex institution, including the near-term
impact on enrollment; (iii) the impact of the Company’s ongoing
restructuring and cost-reduction initiatives; (iv) impacts from
actions taken by our regulators that could affect University of
Phoenix’s eligibility to participate in or the manner in which it
participates in U.S. federal and state student financial aid
programs; (v) further delay in the University’s pending
recertification by the U.S. Department of Education for
participation in Title IV student financial aid programs, or any
limitations or qualifications imposed in connection with any
recertification; (vi) the impact of the U.S. Department of Defense
(“DoD”) action to place University of Phoenix on probation in
relation to participation in the DoD’s Tuition Assistance Program
for active duty military students; (vii) the impact of any
reduction in financial aid available to students, including active
and retired military personnel, due to the U.S. government deficit
reduction proposals, debt ceiling limitations, budget sequestration
or otherwise; (viii) changes in University of Phoenix enrollment or
student mix; and (ix) unexpected expenses or other challenges in
integrating acquired businesses, consumer or regulatory impact
arising from consummation of such acquisitions, and unexpected
changes or developments in the acquired businesses. For a
discussion of the various factors that may cause actual plans
implemented and actual results achieved to differ materially from
those set forth in the forward-looking statements, please refer to
the risk factors and other disclosures contained in Apollo
Education Group’s Form 10-K for fiscal year 2015, most recently
filed 10-Q, and other filings with the Securities and Exchange
Commission which are available at www.apollo.edu.
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Brunswick GroupTripp Kyle / Tom Maginnis(212) 333
3810apollo@brunswickgroup.com
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