Thoma Bravo Closes Tender Offer for Outstanding Shares of Instructure

Thoma Bravo, LLC, a private equity firm focused on the software and technology-enabled services sector, concluded its cash tender offer to purchase all of the outstanding shares of common stock of Instructure (NYSE:INST), a Salt Lake City, UT-based company that provides a learning management platform for schools and a bridge employee development platform for businesses.

The tender offer expired on March 20, 2020. As of expiration, 24,828,913 shares had been validly tendered and not withdrawn from the tender offer, representing approximately 64.4 percent of the aggregate voting power of Instructure’s outstanding shares of common stock.

Thoma Bravo will now complete a second-step merger in which any remaining shares of Instructure common stock will be converted into the right to receive an amount in cash equal to the per share price paid in the tender offer, without interest and less any required withholding taxes.

Upon completion of the transaction, which is expected to happen on March 24, 2020, Instructure will become a privately held company.

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