An affiliate of education technology company Blackboard Inc.has commenced its tender offerfor all outstanding common shares of HigherOne Holdings Inc. at a price of $5.15 per share.

Higher One previously agreed to sell itself to Blackboard affiliateWinchester Acquisition Corp. The Higher One board has unanimously determined thatthe offer is advisable, fair to and in the best interests of stockholders, otherthan Winchester Acquisition Holdings Corp. and its subsidiaries, and unanimouslyrecommended that stockholders accept the offer and tender their shares.

The tender offer is scheduled to expire at 9 a.m. ET on Aug.4, unless the offer is extended or earlier terminated.

Completion of the tender offer is conditioned upon the tenderof at least a majority of Higher One's outstanding shares and other customaryconditions, including the expiration or termination of the waiting period underthe Hart-Scott-Rodino Antitrust Improvements Act.

D.F. King & Co. Inc. is the information agent for the tenderoffer.