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Permira to go ahead with $455m Renaissance deal

27 Sep 2011

Permira has amended its merger agreement with Renaissance Learning, which will now see the firm pay $455m for the education company.

Under the amended merger agreement, Permira will acquire all of the outstanding shares of Renaissance Learning held by co-founders Terrance and Judith Paul, for $15 per share in cash, and will acquire all other outstanding shares for $16.60 per share, for approximately $455m.

This is financially equivalent to the acquisition of all of the outstanding shares of Renaissance Learning for $15.50 per share in cash, the firm said.

Renaissance Learning’s board has approved and is recommending that shareholders approve the amended agreement.

In August the firm first agreed to pay $440m in cash for the Nasdaq-listed company.

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