Because the folks in Arkansas were too smart to take the bait. $550M price tag with a potential for billions in liability.
https://www.republicreport.org/2023/rebuffed-in-arkansas-university-of-phoenix-now-plans-to-sell-itself-to-university-of-idaho/
https://www.highereddive.com/news/university-idaho-university-phoenix-good-idea-acquisition/650804/
69,000 Borrower Defense to Repayment claims plus another billion in potential liability.
https://www.highereducationinquirer.org/2022/01/how-university-of-phoenix-failed-its.html
https://dailycaller.com/2019/08/25/university-of-phoenix-student-loans/
Expect a credit downgrade.
https://www.washingtonpost.com/education/2023/05/18/university-phoenix-affiliation-university-idaho-nonprofit/
"...the University of Idaho could be on the hook for up to $10 million each year if the University of Phoenix isn’t able to generate sufficient revenue to cover payments on the bonds that would be issued to fund the $550 million purchase price — nearly three times the University of Idaho’s annual budget."
https://www.aol.com/news/proposal-idaho-purchase-university-phoenix-100000768.html