Laureate Education has accepted a sweetened $3.82 billion takeover offer from an investor group led by its chief executive, the company said on Monday.
Shareholders will receive $62 per share, up from an original bid of $60.50. Shareholders had criticized the original offer as too low.
The higher bid represents a 3 percent premium to Laureate's Friday closing price of $60.11 on the Nasdaq. The shares were trading higher on Monday.
The investor group, led by Laureate Chief Executive Douglas Becker, includes Kohlberg Kravis Roberts & Co., Citi Private Equity, S.A.C. Capital Management and others.
Laureate, formerly Sylvan Learning Systems, offers career-oriented undergraduate and graduate programs through online programs and universities in Latin America, Europe and Asia. It said a special committee unanimously recommended the higher offer to the board, which approved it unanimously.
The original offer was opposed by mutual fund T. Rowe Price Group Inc. and investment firm Select Equity Group. T. Rowe Price had characterized the original offer, made in January, as "significantly below the true long-term value of the company."
T. Rowe Price owned an 8.1 percent stake in Laureate as of March 2, and Select Equity's president controlled a 9.8 percent stake as of April 12, according to regulatory filings.
T. Rowe Price and Laureate were not immediately available for comment on Monday. Select Equity declined to comment.