Netdragon Websoft, a Chinese games developer and operator, has made a $130 million offer for UK-based interactive display vendor and education provider, Promethean.
Netdragon’s chairman, Liu Deijan, confirmed the offer last month. Promethean says that the company has been valued at £0.40 ($0.63) per share. Discussions are currently in the early stages, but the bid could go forward within two months.
The progress of Netdragon’s development in the education business – in both online and mobile sectors – has accelerated this year. The company has interests in social networks, tablets and interactive classroom software. Promethean owns Promethean Planet, an online education community, and ClassFlow, an interactive lesson-delivery and formative-assessment system.
“We believe the education industry is ripe for a major change”, Liu said in January, when Netdragon raised $52.5 million from new investors for its online education subsidiary.
Analyst Comment
Promethean has not flourished since its IPO, having been hit by the cut backs in education spending, and the share price was below the offer price when the offer became publicly known. Financial analysts are expecting the deal to happen. (BR)
