News: NVT UPDATE 1-Australia's Navitas gets A$1.97 bln offer from consortium

(Adds cooperation deal details, additional background)

Oct 10 (Reuters) - Australian education firm Navitas Ltd (NVT) on Wednesday said it received an A$1.97 billion ($1.40 billion) buyout offer from a consortium consisting of private equity firm BGH Capital Pty Ltd, fund manager AustralianSuper Pty Ltd and top shareholder Rodney Jones.

The consideration offers Navitas shareholders A$5.50 per share in cash, which represents a 26.4 percent premium as of the last closing share price.

Alternatively, the deal offers A$2.75 per share in cash and one ordinary share in a new unlisted company called RollCo for every two shares held in Navitas.

RollCo would initially own Navitas after the deal. In a separate agreement, BGH entered a cooperation agreement with AustralianSuper and Jones, who hold 5.4 percent and 12.6 percent of Navitas, respectively. The agreement dictates Jones to sell half his holding for cash and roll over the remaining share into RollCo.

Navitas said it has not yet reviewed the merits of the proposal and intends to commence a detailed review.

Earlier this year, Navitas closed two U.S. colleges and an Australian division, as hard-line immigration policy in the United States spooked student enrolments in the world's largest education market.

The resulting restructuring charges had pushed the company to an annual loss in August. ($1 = 1.4079 Australian dollars)