UPDATE: Apollo confirms that it’s evaluating possible cash offer for Pearson

Apollo Global Management Inc. APO, +1.58% confirmed Friday that it is in the early stages of evaluating a cash offer for Pearson Plc PSON, +18.01% PSO, +17.72%. The FTSE 100 education company’s shares were up about 21% on the news. Apollo said there was no guarantee that any offer will be made or on which terms. The company is required to announce a firm intention within 28 days or announce that it does not plan an offer.