Blackboard and WebCT Announce Agreement to Merge

WASHINGTON, Oct. 12 /PRNewswire-FirstCall/ -- Two leading providers of enterprise software and services to the education community, Blackboard Inc. (Nasdaq: BBBB) and WebCT, Inc., today announced a definitive agreement to merge. Under terms of the agreement, Blackboard will acquire WebCT in a cash transaction for $180 million, which values the offer at approximately $154 million, net of WebCT's August 31, 2005 cash balance of $26 million. The ultimate value of the offer will vary depending on WebCT's cash balance at closing. The transaction will combine two pioneering academic e-Learning organizations into a single company with the client base, resources and expertise to uniquely meet the rapidly evolving needs of educators around the world.

Click here for the full article