Thomas Bravoa private equity firm, start its so-called “tender offer” to buy shares of Instructure, the publicly traded provider of the Canvas learning management system, for $49 each directly from shareholders. If Thoma Bravo acquires all the shares, he would pay around $2.01 billion.
Shareholders have until midnight March 21 to accept the offer. If Thoma Bravo has not acquired the majority of the shares by that time, the deadline may be extended.
This “tender offer” method creates a larger pool of shareholders from whom Thoma Bravo can directly buy shares, and analysts say it increases his chances of acquiring at least a majority stake in Structure.
Under the terms of the previous offer, in which Thoma Bravo would pay $47.60 per share, only certain shareholders could vote to approve or reject the deal. The chances of the sale going ahead appeared shaky after several shareholders and advisers to the investors spoke out against the deal, alleging the deal undervalued Instructure and should have been done with more transparency.
Founded in 2008 and based in Salt Lake City, Instructure is considered the market leader in learning management systems used in US higher education institutions, ahead of competitor Blackboard.