Archipelago Learning Shareholders Approve Merger Agreement with PLATO® Learning
17 May 2012 - 3:45AM
Business Wire
Archipelago Learning, Inc. (NASDAQ: ARCL), a leading
subscription-based, software-as-a-service (SaaS) provider of
education products, today announced that its shareholders, at a
special meeting held on May 16, 2012, approved the proposal to
adopt the previously announced merger agreement, dated March 3,
2012, providing for the acquisition of Archipelago Learning by
PLATO Learning.
At the special meeting of shareholders, there were 22,499,664
shares voted by proxy or in person, representing 85.40% of
Archipelago Learning’s total outstanding shares as of the record
date, April 11, 2012. With regards to the vote to approve the
proposal to adopt the merger agreement, 22,499,664 shares were
cast, representing 85.40% of the total outstanding shares of common
stock of Archipelago Learning. 22,497,746 shares voted in favor of
the proposal to adopt the merger agreement, representing 85.39% of
the total outstanding shares and 99.99% of the total shares voted
of Archipelago Learning, Inc. Final voting results for all
proposals are available at
http://investor.archipelagolearning.com.
The consummation of the acquisition of Archipelago Learning by
PLATO Learning remains subject to the satisfaction or waiver of a
number of customary closing conditions set forth in the merger
agreement and discussed in detail in the definitive proxy statement
on Schedule 14A filed with the Securities and Exchange Commission
by Archipelago Learning, Inc. on April 13, 2012.
About Archipelago Learning, Inc.
Archipelago Learning (NASDAQ:ARCL) is a leading
subscription-based, software-as-a-service (SaaS) provider of
education products used by over 14.6 million students in
approximately 38,100 schools throughout the United States, Canada,
and the United Kingdom. Our comprehensive digital supplemental
product suite uses technology to transform education by making
rigorous learning fun, engaging, accessible, and affordable. For
more information, please visit us at
www.archipelagolearning.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding Archipelago Learning, Inc. (the
“Company”). These forward-looking statements are based on current
information and expectations, and are subject to risks and
uncertainties discussed in our filings with the Securities and
Exchange Commission, which could cause the Company’s actual results
to differ materially from expected results or affect the ability of
the Company and PLATO Learning to consummate the proposed
transaction in a timely manner or at all. The Company undertakes no
obligation to publicly update any forward-looking statement
contained in this release, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
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