Mergers and Acquistions News
Categories: IT Services & Consulting
September 28th 2011, 13:36PM
Renaissance Learning has signed a merger pact that will see the educational software firm acquired by Permira Funds.
The deal values the UK-based company at around $455 million (£291 million) and the price averages $15.50 per share.
Permira, which deals in private equity, had already offered $14.85 a share for the company in August when it was valued at $440 million.
A rival takeover bid had been made by another education technology provider - Plato Learning.
Judith and Terrance Paul, co-founders of Renaissance, will receive $15 per share for their stock and the highest prices will be $16.65.
An analyst told Reuters that this illustrates the influence the founders - who own around 69 per cent of the firm - hold on the company as they are willing to accept a lower price so public shareholders can enjoy a premium.
The software offered by Renaissance includes accelerated learning products intended to teach children literacy and numeracy skills. 
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