(Reuters) - U.S. educational software company Instructure Inc (INST.N) said on Monday a certain activist investor was trying to derail its $2 billion deal with private equity firm Thoma Bravo.
Instructure said the investor was “perpetuating a false and misleading narrative about the Board’s deliberations, intentions and strategic transactions process”, despite pushing for a sale earlier.
Last month, top shareholders Praesidium Investment Management and Rivulet Capital said Instructure had failed to conduct an exhaustive search for buyers and settled for a $47.60 per share deal with Thoma Bravo too quickly.
Praesidium, which is Instructure’s largest shareholder with a 7.63% stake, also said it would vote against the deal and has been reaching out to other shareholders.
Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli