2U shares soar on report of buyout offer from Byju's

2U

29/06/2022 11:02

** Shares of online education co 2U Inc  TWOU.O  soar 19% to
$11.07 premarket
    ** Shares rise after a Bloomberg report https://www.bloomberg.com/news/articles/2022-06-29/byju-s-said-to-offer-more-than-1-billion-for-2u-to-expand-in-us,
 citing sources, says that Indian edtech startup Byju's
 THIK.NS  has offered to buy TWOU for $15 a share
    ** Bloomberg says offer values co at about $2 bln
    ** Reported offer price represents a 61.3% premium to TWOU's
last close of $9.3
    ** Bloomberg reported https://www.bloomberg.com/news/articles/2022-05-16/byju-s-said-to-weigh-us-acquisition-eyes-chegg-or-2u
 last month that Byju's was looking to bid for either 2U Inc or
Chegg Inc  CHGG.N   
    ** 2U and Byju's were not available immediately for comment
    ** Up to last close, stock down 53.7% this year

 (Reporting by Nandhini Srinivasan from Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))