Educational software company Instructure Inc. said its board has rejected an increased offer from Thoma Bravo and plans to put the original $2 billion takeover proposal from the private equity firm before a shareholder vote Friday.
Preliminary tallies showed Thoma Bravo failed to win the necessary majority support for its original bid of $47.60 a share in cash, Bloomberg News reported Thursday. Instructure said in a regulatory filing that the private equity firm then increased its bid to $48.50 a share, which was subsequently rejected by the board.
A representative for Thoma Bravo declined to comment.
The bid was rejected...