IDP Education is an Australian company that helps run the International English Language Testing System, or IELTS. This week, IDP said no to a takeover offer from Blackstone, an investment company. Blackstone wanted to buy IDP for about US$494 million. It offered A$2.50 for each share, but IDP’s board said that amount was too low and did not show the real value of the company.

IDP Education is having problems because fewer people are applying to study overseas. Countries such as Australia, Canada, and the United Kingdom have stricter rules for student visas and immigration now. IDP’s yearly income has fallen by 23%, and its main profit fell by about 90% to A$13.3 million.

Because of this, Blackstone wants to buy IDP when the company is weaker. However, IDP believes these problems are only temporary. The next step could be Blackstone making a higher offer, or possibly walking away. After the news, IDP’s share price jumped by over 20%.