Archipelago shareholders approve Plato merger
Shareholders for Archipelago have approved the merger with Plato Learning.
Business negotiations between Plato Learning and Archipelago Learning regarding a tie-up between the two firms will go ahead, as Archipelago has revealed its shareholders have approved the merger agreement previously revealed on March 3rd.
At a specially-held shareholder meeting on May 16th, votes representing 85.39 per cent of all total outstanding shares in Archipelago were cast to approve the transaction, representing 99.9 per cent of all those who voted.
However, the deal is still subject to the waiver or satisfaction of customary closing conditions outlined in the previous merger agreement.
During contract negotiations relating to the definitive proxy statement that was filed on April 13th to the Securities and Exchange Commission, these requirements were discussed in detail, Archipelago revealed.
Currently, Archipelago Learning products are utilised by more than 14.6 million students in an estimated 38,100 educational facilities in the UK, US and Canada.
"We make rigorous learning fun, accessible and affordable through a comprehensive suite of fully-digital supplemental education products," Archipelago claims.
Posted by David Gleck
Source: Archipelago press release, May 16th