(Adds details on developments)
NEW YORK, Feb 13 (Reuters) - U.S. educational software company Instructure Inc rejected a sweetened bid from private equity firm Thoma Bravo and will delay a meeting for shareholders to vote on the proposed takeover by one day, sources familiar with the matter said on Thursday.
Thoma Bravo, which originally offered $47.60 a share for Instructure, boosted its offer by 90 cents to $48.50 but the company chose not to accept the higher bid, the sources said. Instructure shares closed on Wednesday at $47.31 on the New York Stock Exchange.
Shareholders had originally been scheduled to vote on the deal on Thursday, but the company has delayed the meeting at which the vote will take place until Friday, the sources said.
A spokesman for Instructure, which is based in Salt Lake City, did not return a call seeking comment.
A number of prominent shareholders have criticized the proposed takeover deal since Thoma Bravo first made its bid late last year, saying it undervalued the company and was not in the best interest of shareholders.
Praesidium Investment Management, Rivulet Capital, Lateef Investment Management and Overndorf Enterprises all contacted Instructure’s board to express their concerns. And a number of shareholders said they would vote against the deal. Late Wednesday there was talk that the company had not secured enough votes from shareholders to accept the proposed deal.
Critics found fresh support earlier this year when proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co both recommended that shareholders vote against the takeover, citing the price and process in which Thoma Bravo was accepted.
Instructure defended its initial decision to sell itself to the private equity firm, saying it had spent months speaking with potential buyers and that even during a go-shop period no higher offer was made.
Some shareholders and the proxy advisory firms said Instructure could easily remain a stand-alone company and flourish. (Reporting by Svea Herbst-Bayliss and Greg Roumeolitis; editing by Jason Neely and Jonathan Oatis)
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