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 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."
Renaissance Learning, Inc. is a provider of computer-based assessment technology for pre-kindergarten through senior high (pre-K-12) schools and districts. Shares of RLRN traded higher by 0.14% or $0.02/share to $14.52. In the past year, the shares have traded as low as $7.93 and as high as $14.85. On average, 94577 shares of RLRN exchange hands on a given day and today's volume is recorded at 187694.
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