Investment Firm 2717 Offers C$10.50 a Share for Edtech D2L (1)

Investment firm 2717 Partners has made a non-binding offer to acquire D2L Inc. in a deal that would value the Canadian education technology provider at C$572 million ($419 million) on an equity basis, according to a letter reviewed by Bloomberg News. The stock rose as much as 15%.

The firm proposed to buy D2L for C$10.50 a share in cash, pending due diligence, shareholder approval and other closing conditions, according to the letter dated April 13.

2717, which said it seeks to “back mission-driven founders,” would require a “significant rollover stake” from D2L Chief Executive Officer John Baker, the ...