Plato Gets an A for Persistence

Following the rejection of its last proposal, Plato Learning, a portfolio company of Thoma Bravo and HarbourVest Partners, has submitted another revised proposal to acquire Renaissance Learning (NASDAQ: RLRN). Plato has offered to pay $496 million for the provider of technology-based school improvement and student assessment programs, and this time, it has left it up to Renaissance's Board of Directors and co-founders to determine the allocation of the consideration between shareholder groups. Renaissance's Board will consider the new proposal but continues to recommend that shareholders approve the existing definitive agreement to be acquired by Permira for $455 million.