Learning Technologies Group PLC (AIM:LTG, OTC:LTTHF) shares moved higher on Wednesday after it announced its agreed terms for a recommended takeover valued at £802.4 million.
The acquirer, Leopard UK Bidco, a vehicle backed by Duolingo and Kahoot! investor General Atlantic, is to pay 100p per share in cash to buy the London-listed edu-tech firm.
It represents a 34% premium to the share price back in September when LTG entered into the ‘offer period’. Meanwhile, an alternative non-cash offer is available to certain shareholders (which will see ‘rollover’ shares issued).
“In a challenging macroeconomic and uncertain business environment for LTG, the cash offer represents an opportunity for LTG shareholders to realise this attractive value,” LTG’s senior independent director Simon Boddie said in a statement.
“I would like to recognise the exceptional contribution of our people and their talent and innovation that has driven the group's substantial progress and many benefits to our stakeholders."
General Atlantic principal Gil Badart, meanwhile, commented: “The LTG team has built a high-quality business that enables critically important digital training, learning and talent development opportunities across workplaces globally.
“As the ecosystem continues to rapidly evolve in the midst of disruptive digital advancements, we believe Atlantic Park's flexible mandate and capabilities will deliver a sustainable capital structure to LTG to best support the company in accelerating its strategy and enhancing its position across core markets.
“We are excited to partner with LTG on its continued transformation journey and look forward to leveraging our deep technology and industry expertise to enable the company to achieve its long-term growth ambitions."
In London, LTG shares rose by 6.6% to change hands slightly beneath the cash offer price, trading at 98.2p.