The board of Apollo Education Group Inc. (Nasdaq: APOL), owner of the University of Phoenix, has approved an increased takeover offer from a group led by Apollo Global Management LLC (NYSE: APO), according to a regulatory filing.

Apollo Global and investors including The Vistria Group LLC raised their bid on May 1 to $10 a share, or $1.14 billion, after some shareholders rallied to block their initial offer. That’s 52 percent more than the Jan. 8 closing price, the last trading day before the company’s board announced it would explore strategic alternatives.

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