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Renaissance Learning Gets Bid from Plato Learning

Plato Learning Inc. has made an unsolicited bid for educational software company Renaissance Learning Inc., topping an earlier bid by the private equity firm Permira, Reuters reported. Plato has offered $15.50 per share in cash, which is a 7% premium on Renaissance Learning’s closing price Wednesday. Permira offered $14.85 per share last week, or $440 million.

(Reuters) – Renaissance Learning Inc. (RLRN.O), which makes education software for schools, said it got an unsolicited bid from Plato Learning Inc worth $15.50 a share in cash, topping a bid by private equity firm Permira [PERM.UL] last week.

The $15.50 a share offer price is 7 percent more than Renaissance Learning’s closing price on Wednesday and 4 percent above Permira’s $14.85 a share offer for the company.

Renaissance said it believes Plato’s proposal could be expected to lead to a “superior proposal” under the terms of the agreement with Permira, but it continues to recommend shareholders vote for Permira’s $440 million offer for the company.

The company also said it got a letter from Permira’s counsel asserting that Plato’s bid is not a proposal that could be determined to lead to a “superior proposal.”

Shares of Wisconsin-based Renaissance closed at $14.52 on Wednesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Carol Bishopric)