Renaissance Investor Challenges $455M Permira Offer

Law360, New York (October 7, 2011, 6:35 PM EDT) -- A Renaissance Learning Inc. investor filed a class action in Wisconsin on Friday claiming the education technology company's top brass shortchanged shareholders by agreeing to European private equity giant Permira Funds' $455 million acquisition offer.

New York-based Data Key Partners' suit claims Renaissance Learning and majority shareholders Terrance and Judith Paul agreed to the Permira deal even though it wouldn't adequately reward investors who bought stock in the growing Wisconsin Rapids, Wis.-based company.

"The company and its directors breached their fiduciary duties in connection with the...
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