After its $471 million offer for education software company Renaissance Learning was rejected, Plato Learning Inc. has upped the offer to $496 milliom, Reuters reported. The cash offer values Renaissance at $16.90 per share. Buyout shop Permira had first struck a deal to buy Renaissance for $14.85 per share in August, but these plans were upset when Plato stepped in with a higher offer of $15.50 a share in September, Reuters wrote.
(Reuters) – Education software provider Renaissance Learning Inc said it received an unsolicited, revised acquisition bid from Plato Learning Inc. for about $496 million in cash.
Plato’s revised offer now values Renaissance Learning at $16.90 per share, Renaissance said in a statement.
Renaissance, which had earlier snubbed Plato’s sweetened takeover bid of $471 million in favor of a lower proposal from private equity firm Permira Funds, said it will give “proper consideration in due course” to Plato’s revised bid.
Permira had first struck a deal to buy Renaissance for $14.85 per share in August, but these plans were upset when Plato stepped in with a higher offer of $15.50 a share in September.
Renaissance also said its board has approved and continues to recommend shareholders approve the amended merger agreement with Permira at a special meeting of shareholders on October 17.
Shares of Wisconsin Rapids, Wisconsin-based Renaissance closed at $16.68 on Friday on Nasdaq.