Investor Won't Give $291M Educational Co. Sale Passing Grade

Law360, New York (March 9, 2012, 7:58 PM EST) -- A shareholder of private equity-owned Archipelago Learning filed a proposed class action in Texas' Dallas County Court on Wednesday, arguing that the $291 million price tag paid by fellow educational software maker Plato Learning Inc. is too low.

Plato revealed its bid for the company Monday, already receiving the blessing of Archipelago's board as it waits for regulatory approval. The deal, however, does not have the go-ahead from shareholder Steven Bushansky, who contends the merger is motivated by a private equity firm's desire to liquidate its...
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