Home News Another ‘Best and Final Offer’ Emerges as Vote on Instructure Sale Is Postponed—Again – EdSurge

Another ‘Best and Final Offer’ Emerges as Vote on Instructure Sale Is Postponed—Again – EdSurge

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The waiting game continues for Instructure, which has pushed back—again—a shareholders’ vote on an offer from private equity firm Thoma Bravo to acquire the publicly traded company.

The vote, originally set for Feb. 13, was rescheduled for today. But this morning, the company best known for its Canvas learning management system postponed it to Feb. 25.

Along with that announcement came news that Thoma Bravo has increased its purchase offer, from $47.60 (approximately $2 billion total) to $49 a share. There was an earlier offer, at $48.50, that the company board rejected yesterday because the structure of the deal would allow Thoma Bravo to buy shares directly from holders, which could have delayed the acquisition for weeks.

A statement from Instructure said the $49 offer “represents a best and final offer.” It’s worth noting that this phrase was previously used to describe the original one, at $47.60.

“The Board believes this is a compelling offer and will have a high likelihood of passing the shareholder vote,” Instructure CEO Dan Goldsmith wrote to employees, according to a filing with the U.S. Securities and Exchange Commission.

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