Pearson (PSON.L on London Stock Exchange) has agreed to buy Melorio (AIM: MLO) for 99.3 million pounds ($142 million) in cash. That is 225 pence per share and a 31% premium over the trading price on 17th May. Pearson says it has undertakings to accept the offer from 49.9% of the shareholders.
Melario is a support services group providing training and assessment services to the information technology, construction, logistics and healthcare sectors.
Yesterday Melorio announced that Revenue is up 86% to £58.4m (2009: £31.4m) and is up 65% to £16.5m (2009: £10.0m)
Link: Melorio PLC – Prelimnary Results – May 19, 2010
Pearson said on Wednesday the acquisition was a response to growing global demand for vocational training, with developed economies looking to maintain their competitive position and developing countries seeking to boost skills.
Melario said “Pearson is an international education and information company with world-leading businesses in education, business information and consumer publishing. Pearson believes that the acquisition of Melorio will support its vocational education strategy by combining Melorio’s training delivery skills with Pearson’s complementary strengths in educational publishing, technology and assessments. The Melorio board believes that shareholders should have the opportunity to consider the offer and have therefore agreed unanimously to recommend the offer.”
Melorio are being advised by Cenkos. Pearson is being advised by Lazard.
Pearson shares have fallen -19.50p (-2.03%) as at 1730pm today.
Link: Schroders PLC Melorio PLC – Form 8.3
Location: UK, London
Ref: F231109-449
Fusion Corporate Partners 
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