Private equity firm Permira Funds has announced that it will acquire Renaissance Learning Inc., a company that develops curriculum and academic assessment products for students from kindergarten to 12th grade. The acquisition will be made for a total of $440 million, with Permira Funds offering a premium price of $14.85 per share, representing a 25.5 percent increase over the previous day’s closing stock price. The board of Renaissance has fully supported and endorsed the deal, urging shareholders to do the same.
Upon completion of the acquisition, Renaissance will transition into a privately held company. This news has already had a positive impact on the company’s stock, as shares rose by 23.4 percent to reach $14.60 in early morning trading on Tuesday.
