Blackboard shareholders agree to $1.6B takeover

Mon, 09/19/2011 - 1:05pm
The Associated Press

Education technology company Blackboard Inc. said Monday that its shareholders overwhelmingly approved an agreement to be acquired by an investor group led by affiliates of Providence Equity Partners for $45 per share, or $1.64 billion

The deal also calls for Providence to assume about $130 million in net debt.

Shareholders representing 24.8 million shares, or 70 percent of the total outstanding, voted in favor of the deal at a special meeting on Friday. The deal was announced in early July.

The consummation of the deal remains subject to customary closing conditions.

Blackboard shares fell 9 cents to $44.22 in after-hours trading Monday after shareholder approval of the deal was announced. Shares closed down a penny at $44.31 in the regular session.


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