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Knowledge Learning makes new, lower offer for Nobel Learning
By Lisa Kerner
Charlotte, N.C., March 11 - Knowledge Learning Corp. said it is prepared to acquire Nobel Learning Communities, Inc. for $13.50 cash per share.
In a March 10 letter to Nobel Learning, Knowledge Learning conditioned the offer on, among other things, the negotiation of a merger agreement and the negotiation of employment agreements with some members of Nobel Learning's senior management team.
The letter was included in a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.
Nobel Learning has until March 19 to accept the offer, according to the letter.
Knowledge Learning said its latest bid supersedes the company's Sept. 22 unsolicited expression of interest to buy Nobel Learning for $17.00 per share, or $186 million.
In November, Nobel Learning's board said it was evaluating whether a sale of the company is in its shareholders' best interests.
Nobel Learning is a national network of 178 nonsectarian private schools, including preschools, elementary schools and middle schools, in 15 states. The company is located in West Chester, Pa.
Knowledge Learning is an early childhood and school-age education and care company based in Portland, Ore.
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