There's a meeting Monday to discuss "the future of the company." Wouldn't that mean a sale has gone through?
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The Heald buyer backed out. CCI won't pay enough money to the prospective buyer.
Anonymous28128- We are close, we are close, we are close... Broken record.
YAY
60 days in the minimum and we are close to the Heald sale. Wednesday Jack had a meeting at 4:00pm PST and told the directors and above that the are finalizing the negotiations with the Heald buyer.
An agreement could be reached, with all the formalities worked out afterwards. Assuming everybody is operating in good faith, an agreement could be announced soon with only the technical elements unsettled. Don't waste time speculating about this stuff until there is a formal announcement. I only visit this site periodically because it's full of dumbasses taking wild guesses about shit they know nothing about, such as this issue.
Also did you notice, no CCi school can enroll from Illinois, Iowa, or Minnesota. Approval in those states has been revoked.
Anonymous28079- Here are the Heald states: http://www.healdonline.edu/images/home-usmap.jpg
8067 I didn't realize that buying a cup if coffee could even be used as an analogy. At least say, buying a home or something. You're so smart.
8067.... Non sense. " states from where students are accepted" would also have to approve? That makes absolutely no sense. So if Heald had a student from all 50 states, we'd have to get approval from all of them???? Does that include Puerto Rico? And they would have to do it in that order? Not exactly, there is room for overlap.
I've been a part of three different sales. It took about 3-5 months. 12-24 months???? That's a little outlandish. So much can change in that long of a time for the process from initial interest to close. If that is how long it would take, would the government just say to shut the campuses down? All of them?
I agree that it will take months, but not 18-24. The sale of Heald to CCI took 4.5 months. I've seen smaller companies take 2-3 months but they were all in one state and only 3 campuses. So again.. I think the other poster was correct. It's probably a heads up to cooperate with potential buyer who is doing due diligence.
A sale takes months. Please read: MONTHS. First it needs to be approved by the state, which in Heald's case is 3 states for the campuses, plus a whole bunch of western states from where students are accepted. The next step is obtaining approval from WASC SR, which could also take months. The final approval comes from ED, which could take months. These must be done in order, since WASC SR won't approve a person to operate that doesn't have state approval, and ED won't approve Title IV funds unless the accreditation is in place. Even if a potential buyer was announced today, it would likely be a minimum of 12 months, and more likely 18 to 24, before a sale could go through. Buying a school is not like buying a cup of coffee.
thx. I'm the OP, and no, I wasn't trolling.
Sales do not happen that quickly. Companies usually take a few months to do their due diligence looking at financials, academics, admissions, career services, financial aid processes. So unless you know there had been a team come in representing different functional units and requesting different information from all campuses, probably not a sale. If anything, maybe it's an announcement that there is interest and all campuses will need to cooperate with the information requests. Typically, buyers will visit all campuses.
You're so pretty. Probably announcing closure.