Tribeca sold to Washington Post for $55m
Listed financial services education provider Tribeca has entered into a purchase agreement with United States-based education provider and business trade publisher Kaplan.
Completion of the sale is subject to Tribeca shareholder approval.
Kaplan, which last year pulled in revenue of over US$1 billion, is a wholly owned subsidiary of The Washington Post newspaper.
Kaplan has offered 40.5 cents per Tribeca share, valuing the company’s total equity at $55 million.
Kaplan provides education services across a range of disciplines, including business and financial planning.
Warren Buffet’s company Berkshire Hathaway is a major shareholder in Kaplan, and Buffet sits on the company board.
Profits for Tribeca tumbled in 2005 from last year’s $1.4 million to a reported loss of over $3 million.
Shares in Tribeca were trading at 29 cents at the time of the announcement.
The offer of 40.5 cents per Tribeca share is at a 40 per cent premium to yesterday’s [November 7, 2005] closing price,” Tribeca chairman Don Stammer said.
The purchase by Kaplan continues its global expansion strategy and follows recently approved acquisitions of education providers in the United Kingdom.
Tribeca chief executive Adam Davis said the sale would represent “a great opportunity” for Tribeca employees to work for an international company.
Last week Tribeca chief operating officer John Prowse announced he would end a seven-year stint at the company by leaving next March.
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