Apollo Education Group Inc. said it hasn't yet received enough shareholder votes to approve its planned $1.1 billion sale, and adjourned a shareholder meeting from Thursday until May 6.

The sale to Apollo Global Management LLC, Vistria Group and Najafi Cos. was announced in February. It encountered resistance from shareholder Schroders PLC, a U.K. asset-management firm.

Apollo Education, which owns University of Phoenix, said nearly 58% of the Class A shares voted so far have been in favor of the deal. However, these votes don't yet constitute a majority of shares outstanding.

On Tuesday, Apollo Education said in a filing that if the sale isn't completed, the company could "face serious consequences" including a share-price decline that could hurt access to liquidity. The company said that if the sale doesn't take place, it will review strategic alternatives including a sale of the University of Phoenix.

Apollo Education has seen enrollment numbers deteriorate as stricter regulation has reduced for-profit colleges' share of U.S. financial aid and hurt the industry's reputation. The company has moved to shut some of its locations and trim jobs, while expanding abroad.

Given the headwinds at home, school operators including Apollo and DeVry Education Group Inc. are more optimistic about prospects in friendlier climates overseas.

The planned buyout is worth $9.50 a share. Shares closed Thursday at $7.58, up 15 cents.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 29, 2016 01:35 ET (05:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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