Australian educational services provider Navitas Ltd. is revising a buyout proposal from its founder and Australian private equity company BGH.
Navitas' founder BGH proposed an offer worth A$2.09 billion ($1.5 billion) at $3.96 a share for Navitas.
Navitas has granted exclusive due diligence to the consortium until February 18 and will sign a binding scheme implementation deal.
Navitas said that it will recommend the improved offer, which represented nearly a 6 percent increase.