Pearson Chief Executive Andy Bird. Shares in the company jumped on news of the possible offer.
Photo:
Rozette Rago for The Wall Street Journal
Apollo Global Management Inc.
APO 2.75%
is evaluating a possible cash offer for textbook publisher
Pearson
PSO 18.87%
PLC, it said Friday.
Pearson had a market capitalization of 4.92 billion pounds, equivalent to $6.44 billion, as of Thursday’s close. Shares in the FTSE 100-listed company jumped 20% on Friday after Apollo said it was weighing an offer.
“There can be no certainty that any offer will be made, nor as to the terms on which any such offer might be made,” the asset manager said.
Pearson sells a range of products, from reskilling tools to standardized testing. The London-based company was once known as the owner of the Financial Times newspaper, which it sold to Nikkei in 2015 to focus on its education businesses.
Under U.K. takeover panel rules, Apollo has until April 8 to either announce a firm intention to make an offer or walk away.
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