Byju's Eyes EdTech 2U At ~61% Premium: Bloomberg

Indian online education provider Byju's has offered to buy 2U Inc TWOU for $15 a share in cash, valuing the edtech company at more than $1 billion, reported Bloomberg, citing a person familiar with the matter.
The report noted the offer was made last week to 2U's board. The offer represents a 61% premium to 2U's closing price of $9.30 on the Nasdaq on Tuesday.
Byju's, one of the world's most valuable startups with backing from Tiger Global Management and Mark Zuckerberg's Chan Zuckerberg Initiative, is accelerating its expansion globally through acquisitions, writes Bloomberg.
2U has a current market value of $717 million and about $1 billion in debt and other liabilities.
According to the report, Byju's has obtained more than $2.4 billion in finance for whichever deal it pursues as it seeks to accelerate its growth and global expansion.
Price Action: TWOU shares are trading higher by 17.96% at $10.97 during the premarket session on Wednesday.
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