Knowledge Learning wants to buy Nobel Learning Communities for $186 million

By Lisa Kerner

Charlotte, N.C., Sept. 22 - Knowledge Learning Corp. proposed acquiring Nobel Learning Communities, Inc. for $17 per share, or approximately $186 million.

According to Knowledge Learning, its proposal represents a 33.4% premium over Nobel Learning's closing stock price on Sept. 19.

"We believe this offer represents a significant opportunity for Nobel's shareholders and we are prepared to pay this substantial premium over market because we think there is an excellent fit between the businesses of Nobel Learning and Knowledge Learning," Knowledge Learning chair and chief executive officer Felicia Thornton said in a Sept. 22 letter to Nobel Learning's board of directors.

A merger agreement would include reasonable go-shop provisions for Nobel, Knowledge Learning said.

The proposed transaction would not be subject to a financing condition or other material contingencies.

Knowledge Learning believes that its network of centers would provide "an unparalleled source of feeder schools for Nobel Learning's current and future schools," the letter said.

Nobel 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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