BlackRock, Inc. (NYSE:BLK) today published the full content of a letter that was presented to the Board of Directors of Laureate Education, Inc. on March 16, 2007. The letter was submitted to Laureate Education’s Board of Directors in reference to a management-led buyout that was announced on January 28, 2007.
March 15, 2007
BlackRock, Inc.
40 East 52nd Street
New York, NY 10022
c/o Mr. Robert W. Zentz, Secretary of The Board of Directors
Laureate Education, Inc.
1001 Fleet Street
Baltimore, MD 21202-4382
Attn: Ms. Isabel Aguilera
Mr. Wolf H. Hengst
Mr. James H. McGuire
Mr. John A. Miller
Mr. R. William Pollock
The Honorable Richard W. Riley
Mr. David A. Wilson
RE: Laureate Education, Inc.
Dear Independent Member of the Board:
We are writing in reference to the proposed management-led buyout
announced on January 28, 2007. BlackRock, Inc. and its subsidiaries,
on behalf of their client accounts, have been significant long-term
shareholders of Laureate Education, Inc. ("Laureate"), having begun
our investment in 2002. We currently own 1.6 million shares of
Laureate on behalf of our clients.
We have read the letter dated, sent to you, and filed with the SEC on
February 21, 2007 from Select Equity, Inc. While we are not acting in
concert with Select Equity, Inc., we agree with the analysis contained
in this letter and agree with Select Equity, Inc. in their assertion
that the proposed price of the management-led buyout is inadequate.
We also share their reservations concerning the process by which this
deal was proposed and evaluated.
If the terms of the proposed Merger Agreement are not amended to
better reflect the true value of Laureate, we will not support the
transaction.
Sincerely,
Neil D. Wagner Andrew F. Thut
Managing Director DirectorAbout BlackRock
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