Archipelago Learning (Nasdaq: ARCL) Shares Surge 21%

Austin, TX 3/5/12 (StreetBeat) -- Archipelago Learning (Nasdaq: ARCL) agreed to be acquired by Plato Learning for about $291 million in a deal that would bring the two education companies’ combined customer base to over 50,000 schools if completed.

Plato, an education technology company owned by private-equity firm Thoma Bravo LLC, is offering Archipelago shareholders $11.10 a share, a 23% premium over its Friday closing price.

Shares of the online education company, which haven’t changed hands over $11 in about a year, shot up 21% in early trading to match the offering price.

Archipelago Learning, which also reported its fourth-quarter results on Monday, said the deal with Plato follows an extended review of strategic options. Archipelago’s board has unanimously approved the transaction and recommends that stockholders follow suit.

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