Learning Technologies 'minded to recommend' takeover bid from General Atlantic

Learning Technologies surged on Friday as it confirmed it had received a conditional takeover approach from US private equity investor General Atlantic that it would be minded to recommend.

General Atlantic has proposed 100p per share with an option for Learning Technologies shareholders to elect for an unlisted equity alternative in respect of some or all of their shares.

The unlisted equity alternative would provide participating LTG shareholders the opportunity to re-invest their shareholding and co-invest in General Atlantic's unlisted acquisition vehicle.

Learning Technologies said the board had considered the proposal and concluded that the cash value was one it would be minded to recommend unanimously to shareholders should a firm intention to make an offer be made.

"Accordingly, the board has decided to engage with General Atlantic and has entered into discussions with General Atlantic in relation to these terms and provide access to confirmatory due diligence."

At 1635 BST, the shares were up 28% at 96p.