BPP Holdings, which owns BPP Law School, announced today that it has received a buyout-approach from US education provider Apollo Global.

BPP told the stock exchange that it has received a preliminary approach to purchase the company at 620p per share in cash, a 70% premium to BPP’s closing price last night of 365p.

Apollo Global was formed in 2007 to invest in the international education services sector. It is a joint venture 80.1% owned by longstanding education provider Apollo Group and 19.9% by private equity firm The Carlyle Group.

In a statement, BPP said: ‘The board of BPP believes that the company has a strong future as an independent business. However, the board recognises that due to the cash nature and premium of the potential offer, it is in the shareholders’ interests to facilitate further discussions with Apollo Group.’

No formal offer has yet been made.