The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Renaissance Learning Inc.
August 16 2011 - 11:27AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the acquisition of Renaissance Learning Inc.
(“Renaissance Learning” or “RLRN”) (NASDAQ: RLRN) by an affiliate
of the private equity group Permira Funds. Renaissance Learning
recently entered into an acquisition agreement with Permira in
which Renaissance Learning will be purchased and Renaissance
Learning shareholders will receive $14.85 in cash for each share of
Renaissance Learning/RLRN owned.
If you are an affected shareholder, and you want to learn more
about the investigation or join the action, contact Patrick Powers
at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC toll free (877) 397-5991, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $440 million. The transaction
is expected to be completed in the fourth quarter of 2011.
“We are investigating the fairness of the proposed transaction
to Renaissance Learning shareholders, whether the shareholders are
being underpaid for their stock, and whether Renaissance Learning’s
Board of Directors acted in the shareholders’ best interests,” said
shareholder rights attorney Willie Briscoe. In particular, although
the acquisition price represents a slight premium over RLRN’s
closing price the day prior to the announcement, as recently as
July 25, 2011 Renaissance Learning shares closed at $13.56 per
share. Further, at least on analyst has set a target price of
$16.00 per share for Renaissance Learning/RLRN stock. “Based on
these and other factors, we are additionally investigating whether
the transaction undervalues the stock, and our anticipated lawsuit
will seek to obtain the highest share price for all shareholders,”
said Willie Briscoe.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation firm that handles a
variety of complex business litigation matters nationwide,
including claims of investor and stockholder fraud, shareholder
oppression, shareholder derivative suits, and security class
actions.
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