Another Palmsource licensee gone: AlphaSmart acquired by Renaissance Learning
Posted on 27-Jan-2005 08:17
Filed under: News
Renaissance Learning, Inc. has reached a definitive agreement to merge with AlphaSmart, Inc. Under the agreement, unanimously approved by the boards of directors of both companies, each AlphaSmart shareholder will receive US$3.75 per share, in a transaction that is valued at approximately US$57 million.
The merger, which is expected to be completed in the second quarter of 2005 and be immediately accretive to Renaissance Learning's earnings, is subject to approval by AlphaSmart stockholders, government regulatory review, and other customary closing conditions described in the definitive agreement. Voting agreements supporting the merger have been executed by AlphaSmart's stockholders who hold approximately 60% of the outstanding shares, including its three founders.
AlpahSmart is the manufacturer of Dana by AlphaSmart and Neo, Palm OS based education companions targeted at students and teachers.