Renaissance’s Founding Family Won’t Support a Deal With Plato Learning
For the second time in the past month, the founding family of school-software-maker Renaissance Learning Inc. has rebuffed a more lucrative takeover bid than the $455 million offer it has accepted.
Tuesday, Renaissance said the Paul family has informed its board that it won’t support an acquisition by suitor Plato Learning Inc., which on Monday said it increased its offer. Plato’s bid is now valued at about $496 million, or $41 million more than the deal Renaissance struck with European private-equity firm Permira.
About two weeks ago, the Pauls, who control 69% of the Wisconsin-based company’s shares, turned down a Plato bid that was $16 million higher than the Permira offer.