Cambium Learning to be acquired by Veritas Capital
Cambium Learning has entered into a definitive merger agreement with certain affiliates of Veritas Capital, a private equity investment firm, for the acquisition of the company. Pursuant to the terms of the merger agreement, the holders of common stock of the Company currently outstanding are entitled to receive $14.50 in cash per share at the closing. The transaction was unanimously approved by the board of directors of the company. Following the execution of the merger agreement, the stockholder representing a majority of the issued and outstanding common stock delivered a written consent approving and adopting the merger agreement and the transaction. The company's outstanding credit facility will be repaid at closing. The company expects the transaction to close in 4Q18 or 1Q19. Immediately prior to the closing, the company will close its previously announced acquisition of VKIDZ Holdings, a Florida-based edtech company dedicated to helping deliver the best education to students using digital solutions. The holders of outstanding shares of VKidz are entitled to receive $11.50 in cash for each share of company common stock to be issued to such holders in connection with the company's acquisition of VKidz.