Renaissance receives second offer

The Associated Press
Learning software company Renaissance Learning Inc. has received a new acquisition offer, more than a week after saying it would sell itself to a private equity firm for $440 million.
The Wisconsin Rapids, Wis., company said late Wednesday that Plato Learning Inc. made an unsolicited offer of $15.50 per share in cash. The bid is valued at about $454 million, based on Renaissance Learning’s more than 29 million outstanding shares as of June 30.
The new offer is expected to be financed with equity from Thoma Bravo HarbourVest Partners and JP Morgan. Renaissance Learning, which makes student-assessment and monitoring products for schools from kindergarten through 12th grade, said its board expects to start negotiations on that offer.
On Aug. 16, Renaissance Learning said its board had approved a deal with Permira Funds in which Permira will pay $14.85 per share for the company. That represented a premium of 25.5 percent over its closing stock price the day before. Renaissance’s board advised shareholders to approve the deal.
The company said Wednesday its board still recommends the Permira offer, but the Plato offer may lead to a better deal.

http://finance.yahoo.com/news/Renaissance-Learning-receives-apf-1891446331.html?x=0&.v=1