* Shares hit 8-month high (Adds shares, analyst and shareholder quote, background): SYDNEY (Reuters) - Australian education provider Navitas Ltd (NVT.AX) said on Wednesday it had received a A$1.97 billion ($1.4 billion) takeover bid from an Australian private equity firm and the company’s co-founder, sending its shares 20 percent higher. The offer for the nation’s largest listed private education company was 26.4 percent higher than Tuesday’s closing price, reflecting the value the bidders put on exposure to a volatile but high-growth business.