WASHINGTON, Sept. 19, 2011 /PRNewswire/ -- Blackboard Inc.
(NASDAQ: BBBB) today announced that its shareholders, at a special
meeting held on Friday, September 16,
2011, approved the proposal to adopt the previously
announced merger agreement, dated June 30,
2011, providing for the acquisition of Blackboard by an
investor group led by affiliates of Providence Equity Partners.
At the special meeting of shareholders, there were 28,576,765
shares voted by proxy or in person, representing 81% of
Blackboard's total outstanding shares as of the August 3, 2011 record date. 24,761, 688
shares, or 70% of the total outstanding shares of common stock of
Blackboard as of the record date, were voted to approve the
proposal to adopt the merger agreement, which represented 87% of
the shares that were voted on the proposal at the special
meeting.
The consummation of the acquisition of Blackboard by an investor
group led by affiliates of Providence remains subject to the satisfaction
or waiver of a number of customary closing conditions set forth in
the merger agreement and discussed in detail in the definitive
proxy statement on Schedule 14A filed with the Securities and
Exchange Commission by Blackboard on August
5, 2011.
About Blackboard Inc.
Blackboard Inc. (Nasdaq: BBBB) is a global leader in enterprise
technology and innovative solutions that improve the experience of
millions of students and learners around the world every day.
Blackboard's solutions allow thousands of higher education, K-12,
professional, corporate, and government organizations to extend
teaching and learning online, facilitate campus commerce and
security, and communicate more effectively with their communities.
Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia
and Australia.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity
firm specializing in equity investments in media, entertainment,
communications and information services companies around the world.
The principals of Providence
manage funds with over $23 billion in
equity commitments and have invested in more than 100 companies
operating in over 20 countries since the firm's inception in 1989.
Significant existing and prior investments include Altegrity,
Archipelago Learning, Bresnan Broadband Holdings, Casema,
Com Hem, Digiturk, Education
Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea
Cellular, Kabel Deutschland, NexTag, PanAmSat, ProSiebenSat.1,
Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music
Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in
New York, London, Los
Angeles, Hong Kong and
New Delhi. Visit
www.provequity.com for more information.
Forward-Looking Statements
Any statements in this press release about future
expectations, plans and prospects for Blackboard and other
statements containing the words "believes," "anticipates," "plans,"
"expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including but not
limited to: the ability of the parties to consummate the proposed
transaction with Providence in a
timely manner or at all; the satisfaction of conditions precedent
to consummation of the transaction; successful completion of
anticipated financing arrangements; the possibility of litigation
(including litigation related to the transaction itself); and other
risks described in Blackboard's filings with the Securities and
Exchange Commission (the "SEC"), including the factors
discussed in the "Risk Factors" section of our Form 10-K filed on
February 18, 2011 and Form 10-Q filed
on August 4, 2011 with the SEC. In
addition, the forward-looking statements included in this press
release represent the Company's views as of September 19, 2011. While the Company may
elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do
so, except as required by law.
SOURCE Blackboard Inc.