RLRN Renaissance Learning, Inc. (MM)

Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Renaissance Learning, Inc. ("Renaissance Learning" or the "Company") (NASDAQ: RLRN) concerning the rejection of a takeover bid from Plato Learning Inc. (“Plato”) after agreeing to be acquired by Permira Advisers LLP (“Permira”).

On September 27, 2011, Renaissance Learning agreed to sell itself to Permira. Under the terms of the agreement, Renaissance Learning’s minority stockholders will receive $16.60 in cash for each share of Company stock held. However, the next day, September 28, 2011, Plato proposed to acquire the Company in a deal under which minority shareholders would receive $18.00 per share in cash. Although the Plato bid was higher, the Renaissance board of directors rejected it in favor of the lower Permira offer.

Renaissance is controlled by the Company’s founders, the Paul family, who own 69% of the outstanding shares. According to Alfred Scialabba, an analyst at GFI Group quoted in Business Week, “minority shareholders are getting less than they could because the Pauls refuse to take the higher offer.” The Pauls have not disclosed whether under the Permira deal they will have a role in the post-acquisition operation of the Company and the New York Times has reported that Permira agreed to indemnify the Pauls for any litigation costs arising from their rejection of any other takeover proposal.

Our investigation concerns whether the board of directors has breached its fiduciary duties by failing to adequately consider Plato’s bid, whether the board adequately disclosed the reasons for its rejection of the higher bid, and whether the board undertook a fair process and obtained fair consideration for Renaissance Learning stockholders.

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

If you own Renaissance Learning shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Renaissance Learning (NASDAQ:RLRN)
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Renaissance Learning (NASDAQ:RLRN)
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