NEW YORK--(BUSINESS WIRE)--The Law Offices of Vincent Wong are investigating the Board of Directors of Renaissance Learning, Inc. (NASDAQ: RLRN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to a company formed at the direction of the Permira Funds. Under the terms of the proposed deal, Renaissance Learning shareholders will receive $14.85 per share in cash for a total transaction value of approximately $440 million. Shareholders representing 69% of the Company’s outstanding shares have agreed to vote in favor of the transaction.
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The investigation concerns whether the Renaissance Learning Board of Directors breached their fiduciary duties to Renaissance Learning stockholders by failing to adequately shop the Company before entering into this transaction and whether Permira Funds is underpaying for Renaissance Learning shares. According to Thomson/First Call, at least one analyst set a price target of $16.00 per Renaissance Learning shares.
If you own common stock in Renaissance Learning and wish to obtain additional information, please contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/renaissance-learning.html.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.