WISCONSIN RAPIDS, Wis.,
Oct. 19, 2011 /PRNewswire/ --
Renaissance Learning, Inc. (Nasdaq: RLRN) (the "Company"), a
leading provider of technology-based school improvement and student
assessment programs for K-12 schools, today announced the
successful completion of its acquisition by a company owned by the
Permira Funds.
(Logo:
http://photos.prnewswire.com/prnh/20001108/RENAISSANCELOGO)
As previously announced, the transaction was approved by the
Company's shareholders at a special meeting of shareholders held on
October 17, 2011. Pursuant to the
terms of a previously announced merger agreement, dated
August 15, 2011, as amended, a
company formed at the direction of the Permira Funds has acquired
all of the outstanding shares of Renaissance Learning. As a result
of the transaction, Renaissance Learning's stock will cease trading
on, and will be delisted from, The Nasdaq Stock Market.
Shareholders of Renaissance Learning will receive a letter of
transmittal from Renaissance Learning's transfer agent for them to
complete and return with their stock certificates to obtain their
per share merger consideration.
Renaissance Learning will remain headquartered in Wisconsin Rapids, WI, and continue to be led
by its existing management team as it continues to innovate and
advance learning outcomes around the world.
About Renaissance Learning, Inc.
Renaissance Learning, Inc. is a leading provider of
technology-based school improvement and student assessment programs
for K12 schools. Adopted by approximately 70,000 schools,
Renaissance Learning's tools provide daily formative assessment and
periodic progress-monitoring technology to enhance core curriculum,
support differentiated instruction, and personalize practice in
reading, writing and math. Renaissance Learning products and school
improvement programs help educators make the practice component of
their existing curriculum more effective by providing tools to
personalize practice and easily manage the daily activities for
students of all levels. As a result, teachers using Renaissance
Learning products and programs accelerate learning, get more
satisfaction from teaching, and help students achieve higher test
scores on state and national tests. Renaissance Learning has seven
U.S. locations and subsidiaries in Canada and the United Kingdom.
About Permira
Permira is a European private equity firm with global reach. The
Permira funds, raised from pension funds and other institutions,
make long-term investments in companies with the ambition of
transforming their performance and driving sustainable growth.
Founded in 1985, the firm advises funds with a total committed
capital of approximately $30 billion.
Over the past 26 years the Permira funds have made nearly 200
private equity investments, over 30% of which have been in the core
sector of Technology, Media & Telecom ("TMT").
For more information visit: www.permira.com
Forward-Looking Statements
This news release contains forward-looking statements that
involve risk and uncertainties. Such statements constitute
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements
are qualified in their entirety by reference to the following
cautionary statements. All forward-looking statements speak
only as of the date hereof and are based on current expectations
and involve a number of assumptions, risks and uncertainties that
could cause the actual results to differ materially from such
forward-looking statements. These factors, and other factors
that may affect the business or financial results of Renaissance
Learning, are described in the risk factors included in Renaissance
Learning's filings with the Securities and Exchange Commission,
including Renaissance Learning's 2010 Annual Report on Form 10-K
and later filed quarterly reports on Form 10-Q and Current Reports
on Form 8-K, which factors are incorporated herein by reference.
Renaissance Learning expressly disclaims a duty to provide
updates to forward-looking statements, whether as a result of new
information, future events or other occurrences.
SOURCE Renaissance Learning, Inc.