S&P: Renaissance unchanged

Standard & Poor's said its preliminary ratings and outlook on Renaissance Learning remain unchanged following the announcement that Permira Funds have entered into an amendment to the definitive merger agreement dated Aug. 15.

Under the amended merger agreement, an affiliate of Permira Funds will raise the total purchase offer to $455 million from the previously announced $436 million. The improved offer represents a higher total purchase price to be paid to the existing shareholders and will not have any effect on the cash to remain or debt to be issued by the company at transaction closing, S&P said in a news release.

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