Renaissance Learning to Be Sold for $440 Million
Renaissance Learning Inc. which makes curriculum and academic assessment products for schools from kindergarten through the 12th grade, will be acquired by private equity firm for $440 million, the companies said on Tuesday.
Permira Funds is paying $14.85 per share, a premium of 25.5 percent over its closing stock price Monday.
The board of Renaissance has approved the deal and is recommending that shareholders do the same, the company said.
Renaissance will become privately held after the acquisition closes. Its shares rose $2.77, or 23.4 percent, to $14.60 in early trading Tuesday.
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