Nobel Learning Communities Inc. (NLCI), an operator of a network of nonsectarian private schools, said Wednesday it has agreed to be acquired by private equity firm Leeds Equity Partners in a transaction valued at about $149 million, including consideration paid to holders of outstanding options and warrants. Following the news, the company's shares are up 33 percent in the pre-market trading.
Under the deal, Noble's stockholders will receive $11.75 in cash for each share of the company's common stock they hold, representing a 36 percent premium over the company's closing stock price of $8.64 on May 17.
Nobel Learning's board has unanimously approved the transaction and has resolved to recommend that its stockholders too approve the transaction. Holders of about 55 percent of the outstanding shares of Nobel Learning's common stock, including the company's Board and executive management team, have entered into agreements with Leeds Equity to vote in favor of the transaction.
The transaction, subject to customary closing conditions and approval by the stockholders of Nobel Learning, is expected to close within the next six months.
Robert Bernstein, Senior Managing Director and Co-Founder of Leeds Equity said, "Nobel Learning provides a unique educational platform for students in the preschool and K-12 markets that we find very attractive. We are pleased to be partnering with such a high quality company and look forward to assisting Nobel Learning in achieving its next stage of success."
West Chester, Pennsylvania-based Nobel Learning operates a national network of 190 nonsectarian private Pre-K and K+ schools and a global K-12 online distance learning community.
Leeds Equity is a New York-based private equity firm focused exclusively on investing in the education, training and information services industries. The company was founded by Jeffrey Leeds and Robert Bernstein in 1993 and has raised and managed over $1.1 billion of capital across five funds.
J.P. Morgan Securities LLC acted as financial advisor to Nobel Learning and also provided a fairness opinion to the Board, while Pepper Hamilton LLP acted as legal counsel to Nobel Learning in the transaction. Goodwin Procter LLP acted as legal counsel to Leeds Equity.
NLCI closed Tuesday's regular trading session at $8.64, down $0.76 on a volume of 10,800 shares. In Wednesday's pre-market, the stock is up $2.87 or 33.22 percent to $11.51.
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