Blackboard Investor Fights To Block $1.6B Sale

Law360, New York (July 7, 2011, 6:24 PM EDT) -- A Blackboard Inc. shareholder lodged a class action in Delaware court Thursday alleging Providence Equity Partners’ proposed $1.6 billion buyout of the educational software company shortchanges investors and should be blocked.

The private equity firm’s $45 per share offer undervalues the company’s stock and is set in stone by terms that forestall competing bids, Blackboard investor Astor BK Realty Trust contends.

“[G]iven the company’s recent strong performance, analyst expectations and small premium, the consideration shareholders are to receive in the proposed transaction is inadequate,” the complaint...
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