Renaissance Learning to be Acquired by Permira Funds for $14.85 Per Share in Cash

Renaissance Learning, Inc.

and the Permira Funds today announced they have entered into a definitive merger agreement under which a company formed at the direction of the Permira Funds will acquire all of the outstanding shares of Renaissance Learning for $14.85 per share in cash, or approximately $440 million. The transaction represents a premium of 26% over Renaissance Learning's closing stock price on August 15, 2011. Renaissance Learning's Board of Directors has approved the merger agreement and is recommending that shareholders adopt the merger agreement. Co-founders Terrance and Judith Paul, together with affiliates and members of their family, have agreed to vote the shares they control representing, in the aggregate, approximately 69% of the Company's outstanding shares, in favor of the transaction.