Renaissance Majority Owners Rebuff $496M Plato Overture

Law360, New York (October 11, 2011, 4:54 PM EDT) -- Renaissance Learning Inc. rejected Plato Learning Inc.'s $496 million buyout offer Tuesday, telling investors that Terrance and Judith Paul, Renaissance Learning's majority shareholders, support a $455 million bid by European private equity giant Permira Funds.

The Pauls will vote their shares — 69 percent of the Wisconsin Rapids, Wis.-based education technology company — in support of the $15.50 per share private equity bid, the company said, despite the latest $16.90 per share Plato Learning bid made public Monday. 

"The Pauls have informed Renaissance Learning’s board of...
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