RESTON, Va. (AP) — Learning Tree says it has created a special committee to evaluate a buyout offer from its CEO, as well as its other strategic options.
On Monday, Chairman and CEO David Collins and his wife, who currently hold a combined stake of roughly 31 percent in Learning Tree International Inc., disclosed in a filing with the Securities and Exchange Commission that they are offering $5.25 per share for the rest of the shares in the company.
That was a 3 percent premium over the company's closing price of $5.11 on Tuesday. Learning Tree shares slipped a penny to $5.10 in morning trading Wednesday.
At the proposed price, acquiring the Learning Tree's shares they don't own would cost the Collins couple about $49 million and value the entire company at about $71 million.
Learning Tree said Wednesday that the special committee will hire independent financial advisers and legal counsel to help assess the acquisition offer as well as its other alternatives.
The company, based in Reston, Va., has developed a library of instructor-led classroom courses for mangers and information technology workers.