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Hedge fund to vote against Instructure's sale to Thoma Bravo

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Hedge fund to vote against Instructure's sale to Thoma Bravo

Hedge fund Rivulet Capital LLC intends to vote against Thoma Bravo LLC's proposed $2 billion acquisition of Instructure Inc.

Rivulet Capital, which owns 1,964,935 shares or a 5.23% stake in Instructure, said it "strongly opposes" the deal as it "significantly undervalues" the educational technology provider. It added that the transaction was rushed, given the "three-week strategic alternatives process" and the "go-shop" period that will run for 35 days until Jan. 8, 2020.

Private equity firm Thoma Bravo agreed to acquire Instructure for $47.60 per share in cash. The deal is expected to be completed in the first quarter of 2020, subject to shareholder approvals.