BOSTON, Feb 14 (Reuters) - Instructure Inc said on Friday it will sell itself to Thoma Bravo for $49 a share after the private equity firm twice increased its bid for the U.S. educational software company within the last two days.
The company’s board of directors accepted Thoma Bravo’s raised all-cash offer and said shareholders now have until February to vote on the deal.
Thoma Bravo’s new offer is $1.40 a share higher than its initial offer of $47.60, made in early December, and represents more favorable terms than the $48.50 a share tender offer that was made earlier this week.
Some influential shareholders had been initially critical of the proposed sale to Thoma Bravo, saying it undervalued the Salt Lake City-headquartered company. Now the company has indications that some critics may like the current deal.
Reporting by Svea Herbst-Bayliss; editing by David Evans