Australia’s IDP Education rejected a roughly A$694.7 million ($493.8 million) takeover proposal from Blackstone, saying the A$2.50-per-share cash offer substantially undervalued the company. The proposal, made on September 9, represented a premium of about 56% to IDP’s September 8 closing price and followed an earlier rejected A$2.30-per-share approach. IDP, a co-owner of the IELTS English language exam, described the latest bid as highly opportunistic and said it failed to reflect the future earnings potential of its ongoing multi-year transformation programme. The company has faced weaker earnings as tighter immigration and student-visa policies in Australia, Canada and Britain reduced visa approvals and demand. It reported a 25% decline in student volumes across Australia, the UK, the US and Canada in fiscal 2026 and last month flagged weaker 2027 earnings. IDP shares closed 20.7% higher at A$2.16, while the company’s stock remains nearly 100% below its 2021 peak.