The $36 million sale of the education business of the Financial Services Institute of Australasia (Finsia) has taken a dramatic turn with Sydney-based Fairfax Business Media seeking to outbid giant US educational publisher Kaplan, which is owned by the Washington Post.

Online newspaper Crikey says the Kaplan deal, announced at the Finsia AGM on April 23, is being resisted by Fairfax, which has issued a “highly conditional offer” claimed to be worth $42 million.

Finsia – formed from the amalgamation of the Securities Institute and the Australasian Institute of Banking and Finance – is under pressure from Fairfax Chief Executive Michael Gill, who alleges the sale was not advertised prior to the announcement of the Kaplan bid. His offer came two days after the AGM, with voting on the sale scheduled for June 14.

In a note to members, Mr Gill says Fairfax “plans to develop investor and business education products and services and remains keen to service Finsia members and constituents”.

Crikey says Finsia “wants to sell to a quality global player rather than a local media conglomerate that wants to start a new division. Given that Finsia is a member services not-for-profit, the quality of the service is more important than the price.”