ChinaEdu Digs In After Apollo's McGraw-Hill Ups Stake

Law360, New York (September 18, 2013, 10:49 AM EDT) -- Online educator ChinaEdu Corp. adopted a poison pill Wednesday after The McGraw-Hill Cos., the fast-growing education giant now backed by Apollo Global Management LLC, bumped its stake to 13.3 percent.

McGraw-Hill and related Apollo entities now own 1.3 million American depositary shares of ChinaEdu Corp., worth about $9 million at recent prices. McGraw-Hill has had a reportable stake in ChinaEdu since 2011 and has been adding to it this summer, but ChinaEdu is hoping to stop or slow down a hostile bid. The pill, good for...
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