Education software firm Instructure Inc (INST.N) said on Wednesday it would be bought by private equity investment firm Thoma Bravo in an all-cash deal for about $2 billion, giving into pressure from one of its shareholders pushing for a sale.
Stockholders of the company will receive $47.60 in cash per share, a discount of about 10% to Instructure’s closing price of $52.96 on Tuesday.
Shares of the company were down about 10% at $47.85 in premarket trading.
New York-based Sachem Head Capital Management has been buying Instructure’s shares over time, but the exact size of its position could not be determined.
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