Blackboard Shareholders Approve Merger Agreement with Affiliates of Providence Equity Partners
WASHINGTON, Sept. 19, 2011 /PRNewswire via COMTEX/ --
Blackboard Inc. (NASDAQ: BBBB) today announced that its shareholders, at a special meeting held on Friday, September 16, 2011, approved the proposal to adopt the previously announced merger agreement, dated June 30, 2011, providing for the acquisition of Blackboard by an investor group led by affiliates of Providence Equity Partners.
At the special meeting of shareholders, there were 28,576,765 shares voted by proxy or in person, representing 81% of Blackboard's total outstanding shares as of the August 3, 2011 record date. 24,761, 688 shares, or 70% of the total outstanding shares of common stock of Blackboard as of the record date, were voted to approve the proposal to adopt the merger agreement, which represented 87% of the shares that were voted on the proposal at the special meeting.
The consummation of the acquisition of Blackboard by an investor group led by affiliates of Providence 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 Blackboard on August 5, 2011.
About Blackboard Inc.
Blackboard Inc. (Nasdaq: BBBB) is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard's solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities. Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia and Australia.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information services companies around the world. The principals of Providence manage funds with over $23 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989. Significant existing and prior investments include Altegrity, Archipelago Learning, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea Cellular, Kabel Deutschland, NexTag, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.
Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to: the ability of the parties to consummate the proposed transaction with Providence in a timely manner or at all; the satisfaction of conditions precedent to consummation of the transaction; successful completion of anticipated financing arrangements; the possibility of litigation (including litigation related to the transaction itself); and other risks described in Blackboard's filings with the Securities and Exchange Commission (the "SEC"), including the factors discussed in the "Risk Factors" section of our Form 10-K filed on February 18, 2011 and Form 10-Q filed on August 4, 2011 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of September 19, 2011. While the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law.
SOURCE Blackboard Inc.