During last week’s shareholder meeting, Apollo reported nearly 58 percent of investors who voted supported the sale. But sealing the deal requires the majority approval of all outstanding shares and Apollo said not enough investors had voted.
A consortium of private investors is offering to buy the University of Phoenix for $9.50 per share. Shareholders have filed a lawsuit against Apollo Education alleging the company failed to protect their interests. The company denies those claims.
In a written statement, Greg Capelli, chief executive officer of Apollo Education Group said, “We are gratified that the shareholders who voted in favor of the transaction recognized that this offer represents the best available outcome. The Board performed a thorough review of strategic alternatives and determined that the transaction is in the best interest of shareholders and continues to strongly support our efforts to transform the University of Phoenix, grow our international operations, drive efficiency throughout the organization, and most importantly, provide students with a high quality education.”
Earlier this year, Capelli told KJZZ News that going forward the University of Phoenixwould be judged by graduation rates and successful job placements, not its enrollment size.
