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Bid for SkillSoft increased to $1.2 billion

Thu, 04/01/2010 - 2:30pm
The Associated Press

An all-cash bid by private investor group SSI Investments III Ltd. to purchase Irish education software company SkillSoft PLC has been sweetened.

SkillSoft said in February it had agreed to be purchased by SSI Investments III Ltd. for about $1.1 billion.

Both sides said in a statement Wednesday night that a revised agreement calls for SSI Investments III Ltd. to pay $11.25 per SkillSoft share, up from the previous price of $10.80 per share. The new bid values the deal at $1.2 billion.

The higher price represents a 31 percent premium over the average closing price of SkillSoft's American depository shares over the one-year period that ended Feb. 11, the day before the deal was announced.

SkillSoft shares rose 78 cents, or 7.6 percent, to close at $11.10 on Thursday.

SSI Investments III Ltd. was formed by funds sponsored by Berkshire Partners LLC, Advent International Corp. and Bain Capital Partners LLC.

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