News: NVT UPDATE 1-Australia's Navitas spurns $1.4 bln takeover bid

(Adds background on offer)

Oct 29 (Reuters) - Australian tuition provider Navitas Ltd (NVT) said on Monday it had rejected a $1.4 billion takeover offer from its co-founder and private equity firm BGH because it undervalued the company.

Navitas said in a statement that it was still willing to negotiate with BGH, but that would involve a detailed management presentation.

Navitas said on Oct. 10 that it had received the takeover bid from BGH and Rod Jones - Navitas' co-founder and top shareholder.

BGH was not immediately available for comment on Monday. In a filing to the Australian Securities Exchange, Navitas said it wasn't currently granting due diligence to the consortium, but could do so if it negotiated a favourable deal.

It also said any such due diligence would not hinder the chances of a competing offer.