Mill Road Capital Trying To Buy Learning Tree

Mill Road Capital Trying To Buy Learning Tree

Don’t forget – sign up for our free daily newsletter to stay in the activist investing know. Mill Road Capital reached out to Learning Tree (NASDAQ: LTRE) in an effort to buy the company for $1.80 a share.

They’ve been a shareholder since 2009. It’s offered to buy the company several times. Here are the details of Mill Road’s offer:

Purchase Price. A purchase price of $1.80 per share which represents a premium of 89.5% to the closing share price of $0.95 on September 9, 2015, the last trading day prior to this letter. This price is based on the assumption that we would be able to negotiate other terms and conditions and related definitive documents of such an acquisition that would be acceptable to us, including securing support for the transaction from key stakeholders of the Company.

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Financing. Any potential transaction would not be contingent on external financing. Mill Road Capital II, L.P. which currently holds the Company’s shares has approximately $420 million of committed capital.

Timing. We are prepared to work with you to execute a successful transaction in an expeditious manner. Due to our significant transaction experience, specifically with structures of this type, we are confident in our ability to execute any transaction expeditiously with minimal disruption to the operations of the business.

Participation. We are open to the possibility that certain significant shareholders (if any, and to be mutually determined) could participate in a transaction such that they would remain as shareholders in a private company. In each of our five completed going-private transactions, certain shareholders (including management members) “rolled” shares into the private company.

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