Plato's $455M Bid For Renaissance Learning Tops Permira

Law360, New York (September 23, 2011, 3:53 PM EDT) -- Renaissance Learning Inc. announced Thursday that its planned $440 million sale to European private equity giant Permira Funds had provoked a competing $455 million bid from rival education technology company Plato Learning Inc.

Renaissance had an agreement with Permira that provided stockholders with $14.85 per share, but Plato recently lined up funding for a $15.50 per-share offer, Renaissance said.

Plato’s proposed acquisition would be financed by $128 million in equity from its private equity owner Thoma Bravo LLC and HarbourVest Partners LLC as well as $410...
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