NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Renaissance Learning, Inc. (“Renaissance” or the “Company”) (NASDAQ: RLRN) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Permira Funds, a European private equity firm, in an all-cash deal valued at about $440 million. Under the terms of the proposed transaction, Renaissance will become a privately held company and its stockholders will receive $14.85 in cash per each share of Renaissance they own, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $16 for Renaissance. The transaction is expected to close in the fourth quarter of 2011.
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Whether Renaissance’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this transaction, whether the proposed transaction undervalues Renaissance’s shares and by how much this transaction undervalues the Company to the detriment of Renaissance’s shareholders are the key focus of this investigation.
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If you own common stock in Renaissance and wish to obtain additional information, please visit us at www.faruqilaw.com/RLRN or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.
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