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Bridgepoint Education Commences Tender Offer To Purchase Approximately $200 Million Of Its Common Stock

Stocks in this article: BPI

SAN DIEGO, Nov. 13, 2013 /PRNewswire/ -- Bridgepoint Education, Inc. (NYSE: BPI) today announced it has commenced a tender offer to purchase up to 10,250,000 shares of its common stock at a price of $19.50 per share. The number of shares proposed to be purchased in the tender offer represents approximately 18.8% of the approximately 54,576,091 shares of the company's common stock currently outstanding. The last reported trading price of the company's common stock on the New York Stock Exchange on November 12, 2013 was $16.86 per share.

The tender offer will expire at 5:00 p.m. New York City time on Wednesday, December 11, 2013, unless extended by the company. Tenders of the company's common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer. The tender offer is available to all company stockholders and vested option holders. The tender offer is subject to conditions and other terms set forth in the tender offer materials that are being distributed to stockholders and filed with the Securities and Exchange Commission (SEC) today.

On the terms and subject to the conditions of the tender offer, the company's stockholders will have the opportunity to tender some or all of their shares at a price of $19.50 per share. If stockholders properly tender and do not properly withdraw more than 10,250,000 shares, the company will purchase shares tendered by those stockholders owning fewer than 100 shares, without proration, and all other shares tendered will be purchased on a pro rata basis, subject to the conditional tender offer provisions described in the Offer to Purchase that is being distributed to stockholders. Stockholders whose shares are purchased in the tender offer will be paid $19.50 per share, net to the seller in cash, without interest and less any applicable withholding taxes, promptly after the expiration of the tender offer period.

Barclays Capital Inc. is acting as the dealer manager, MacKenzie Partners Inc. is the information agent and Wells Fargo Shareowner Services is the depositary. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to stockholders of record and will be made available for distribution to beneficial owners of the company's shares. For questions and information, please call the information agent toll free at (800) 322-2885 or call collect at (212) 929-5500.

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