Apollo Education gets raised offer of $1.14 billion: Reuters

(Reuters) — For-profit education provider Apollo Education Group Inc (APOL.O) said a group of private-equity firms raised their cash offer for the company by 5 percent to $1.14 billion.

The company, which owns the University of Phoenix, said on Sunday the group of investors increased the cash offer to $10 per share, representing a premium of 28 percent to Apollo’s last closing price.

The private-equity firms, which include funds of Vistria Group LLC, Apollo Global Management LLC (APO.N) and private investment firm Najafi Companies, earlier offered $9.50 per share, when the stock was trading at $6.95.