Apollo Education Group shareholders will have more time to vote on a proposed change in ownership for the parent company of the University of Phoenix.
The vote, which was scheduled to take place today, has been delayed until May 6 to give shareholders more time to make their decision. The proposal would sell the company to a consortium of private investors for $1.1 billion.
Of the votes that have come in so far, "nearly 58 percent voted for the proposed transaction," according to an Apollo news release.
"We are gratified that the shareholders who voted in favor of the transaction recognized that this offer represents the best available outcome," said Greg Cappelli, chief executive officer of Apollo, in a statement.
In a letter to shareholders on Tuesday, the company recommended they vote in favor of the proposal. If they didn't, the company would explore other options, including selling Phoenix separately.