A phone call yesterday alerted me to the recent bidding action of Michael Milken for Nobel Learning Communities.
The Price: $186M, valuing Nobel at $17 per share, a little more than 33% over Nobel’s Friday closing price of $12.74.
That's evidence that even in a worsening economic climate, childhood care and learning is vital, valuable and can attract a premium.
Milken, who graduated from the Wharton School at the University of Pennsylvania, already owns a significant share of Nobel.
KLC of Portland, Ore., has more than 1,800 centers in 38 states serving more than 200,000 students under the Kindercare/Knowledge Beginnings and Childrens Creative Learning Centers names.
KLC’s parent, Knowledge Universe Education of Santa Monica, Calif., was founded by former junk-bond magnate Michael Milken and his brother, Lowell Milken.
Blesbok LLC, which Michael Milken manages, owns a little more than 3.86 million shares, or 37 percent of Nobel, according to Yahoo! Finance and Securities and Exchange Commission documents.
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