Veritas Capital’s Acquisition of Cambium Learning Group

Schulte Roth & Zabel LLP acted as Veritas Capital’s legal counsel in connection with the transactions. Macquarie Capital acted as the Company’s financial advisor and Lowenstein Sandler LLP acted as the Company’s legal counsel in connection with the transactions.

Cambium Learning® Group, Inc. (Nasdaq: ABCD, the “Company”), a leading educational technology solutions company committed to helping all students reach their full potential, has entered into a definitive merger agreement with certain affiliates of Veritas Capital, a leading private equity investment firm, for the acquisition of the Company.

Pursuant to the terms of the merger agreement, the holders of common stock of the Company currently outstanding are entitled to receive $14.50 in cash per share at the closing. The transaction was unanimously approved by the board of directors of the Company. Following the execution of the merger agreement, the stockholder representing a majority of the issued and outstanding common stock delivered a written consent approving and adopting the merger agreement and the transaction. The Company’s outstanding credit facility will be repaid at closing. Subject to customary closing conditions and regulatory approvals, the Company expects the transaction to close in the fourth quarter of 2018 or the first quarter of 2019.

Immediately prior to the closing, the Company will close its previously announced acquisition of VKIDZ Holdings Inc. (“VKidz”), an award winning Florida-based edtech company dedicated to helping deliver the best education to students using digital solutions. The holders of outstanding shares of VKidz are entitled to receive $11.50 in cash for each share of Company common stock to be issued to such holders in connection with the Company’s acquisition of VKidz.

Schulte advised Veritas Capital with a team including M&A and securities partner Richard Presutti (Picture) and associates Stavan Desai and Lowell Dyer. The team also includes employment & employee benefits partner Ian Levin; environmental and insurance partner Howard Epstein and special counsel Theodore Keyes; finance partner Ronald Risdon; intellectual property, sourcing & technology partner Robert Kiesel and special counsel Scott Kareff; and tax partner David Passey.

The Lowenstein team is led by Steven E. Siesser and includes Elisia M. Klinka, Brooke A. Gillar, Michael J. Mueller, Lauren M. Troeller, Bianka V. Barraza, Lowell A. Citron, Jeffrey Blumenfeld, Jack Sidorov, Jeffrey M. Shapiro, Steven M. Skolnick, Kate Basmagian, Scott Siegel, Lesley P. Adamo, Sophia Mokotoff, Darren Goodman, Megan Monson, Katie R. Glynn, David W. Field, Michael A. Kaplan, Eric Jesse, Nicholas G. Mehler, Steven M. Hecht, Sean Collier, Edward J. Hunter, Zarema A. Jaramillo, Andrew David Behlmann, and Gina M. Seong.

Involved fees earner: Steven Siesser – Lowenstein Sandler LLP; Elisia Klinka – Lowenstein Sandler LLP; Brooke Gillar – Lowenstein Sandler LLP; Michael Mueller – Lowenstein Sandler LLP; Lauren Troeller – Lowenstein Sandler LLP; Bianka Barraza – Lowenstein Sandler LLP; Jeffrey Shapiro – Lowenstein Sandler LLP; Steven Skolnick – Lowenstein Sandler LLP; Kate Basmagian – Lowenstein Sandler LLP; Scott Siegel – Lowenstein Sandler LLP; Gina Seong – Lowenstein Sandler LLP; Lowell Citron – Lowenstein Sandler LLP; Andrew David Behlmann – Lowenstein Sandler LLP; Jeffrey Blumenfeld – Lowenstein Sandler LLP; Jack Sidorov – Lowenstein Sandler LLP; Katie Glynn – Lowenstein Sandler LLP; Zarema Jaramillo – Lowenstein Sandler LLP; Lesley Adamo – Lowenstein Sandler LLP; Sophia Mokotoff – Lowenstein Sandler LLP; Darren Goodman – Lowenstein Sandler LLP; Megan Monson – Lowenstein Sandler LLP; David Field – Lowenstein Sandler LLP; Michael A. Kaplan – Lowenstein Sandler LLP; Eric Jesse – Lowenstein Sandler LLP; Steven Hecht – Lowenstein Sandler LLP; Nicholas Mehler – Lowenstein Sandler LLP; Sean Collier – Lowenstein Sandler LLP; Edward Hunter – Lowenstein Sandler LLP; Richard Presutti – Schulte Roth & Zabel; Stavan Desai – Schulte Roth & Zabel; Lowell Dyer – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; Howard Epstein – Schulte Roth & Zabel; Theodore Keyes – Schulte Roth & Zabel; Ronald Risdon – Schulte Roth & Zabel; Robert Kiesel – Schulte Roth & Zabel; Scott Kareff – Schulte Roth & Zabel; David Passey – Schulte Roth & Zabel;

Law Firms: Lowenstein Sandler LLP; Schulte Roth & Zabel;

Clients: Veritas Capital ; Cambium Learning Group Inc;


Author: Ambrogio Visconti