The Indian Multinational Educational technology company Byju's has made a bid of more than $1 billion to buy the American company 2U. The edtech giant made the board of 2U an offer last week that comes out to about $15 per share.
A deal might not be reached if 2U's board rejects the offer, according to the article, which also noted that the agreement is not final and that negotiations "might yet break apart." The market value of 2U is $717 million, while its total debt and other liabilities come to about $1 billion.
Byju's, with a $22 billion valuation, is the most valuable startup in India.
This proposal was made to the United States-based ed-tech in the previous week to acquire each stake of the firm for $15, as claimed by a source related to the matter. The bid portrays an extra 61% amount to the U.S.- based educational technology’s closing price on the Nasdaq on June 28.