WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Renaissance Learning, Inc. (“Renaissance Learning” or the “Company”) (Nasdaq: RLRN) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by the Permira Funds (“Permira”) in a transaction with an approximate value of $440 million.
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Under the proposed agreement, Renaissance Learning shareholders will receive $14.85 per share in cash for every share of Renaissance Learning common stock they hold. In addition, Company co-founders Terrance and Judith Paul, together with affiliates and members of their family, have agreed to vote the shares they control representing, in the aggregate, approximately 69% of the Renaissance Learning’s outstanding shares, in favor of the transaction.
The investigation concerns whether Renaissance Learning’s board of directors adequately shopped the Company to obtain the best price possible for Renaissance Learning’s shareholders before entering into the agreement with Permira. Indeed, according to Yahoo! Finance, at least one analyst has set a $16.00 per share target for Renaissance Learning stock.
If you own the common stock of Renaissance Learning and purchased your shares before August 16, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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