Cambium Learning Group, Inc. (NASDAQ: ABCD) strengthened Monday after the company agreed to be acquired for $14.50 per share by Veritas Capital.
The Dallas-based Cambium, a leading educational technology solutions company committed to helping all students reach their full potential, also said, 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.
Immediately prior to the closing, the Company will close its previously announced acquisition of VKIDZ Holdings Inc. (“VKidz”), an award winning 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.
CEO John Campbell commented, "We are gratified to have such a positive outcome to the review of strategic alternatives the Board kicked off in May. I am proud of the transformation we have accomplished at Cambium Learning Group as we continue to improve our product suite in terms of technology, efficacy, and engagement.
"We look forward to helping even more students with the addition of VKidz and working with Veritas Capital on the next chapter of our long-term growth story. These remain exciting times for Cambium Learning Group."
Shares gained $2.33, or 19.3%, in Monday trading to $14.40
