Page 1: UNITED STATES
Page 2: BLACKBOARD INC.
Page 3: BLACKBOARD INC.
Page 4: Table of Contents
Page 5: N/A
Page 6: SUMMARY TERM SHEET
Page 7: Merger Consideration (page 69)
Page 8: Restricted Stock Units
Page 9: additional proxies and FOR the approval, on a non-binding advisory basis, of the golden parachute co
Page 10: The Merger Opinion of Barclays Capital
Page 11: The Merger Agreement Termination Fees; Expenses
Page 12: Restrictions on Solicitations of Other Offers and Change in Recommendation (pages 75 and 76)
Page 13: Termination of the Merger Agreement (page 85)
Page 14: Termination Fees; Expenses (page 86)
Page 15: reverse termination fee
Page 16: Litigation Related to the Merger (page 59)
Page 17: QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING
Page 18: N/A
Page 19: The Special Meeting
Page 20: N/A
Page 21: N/A
Page 22: N/A
Page 23: CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
Page 24: N/A
Page 25: PARTIES TO THE MERGER
Page 26: THE MERGER
Page 27: Dewey LeBoeuf
Page 28: Financial Sponsors A B
Page 29: Financial Sponsor D
Page 30: N/A
Page 31: N/A
Page 32: N/A
Page 33: Weil
Page 34: N/A
Page 35: N/A
Page 36: Potter Anderson
Page 37: N/A
Page 38: Purpose of and Reasons for the Merger; Recommendation of the Transaction Committee and Our Board
Page 39: N/A
Page 40: Interests of the Company s Directors and Executive Officers in the Merger
Page 41: The Board
Page 42: Opinion of Barclays Capital
Page 43: Certain of the analyses summarized below include information presented in tabular format. In order t
Page 44: Selected Comparable Company Analysis
Page 45: SaaS
Page 46: Discounted Cash Flow Analysis
Page 47: General
Page 48: Certain Company Forecasts
Page 49: Cautionary Statement Concerning Forward-Looking Information
Page 50: Certain Effects of the Merger; Effects on the Company if the Merger is not Completed
Page 51: Financing of the Merger; Equity Financing; Debt Financing.
Page 52: Financing of the Merger; Equity Financing; Debt Financing
Page 53: Debt Financing
Page 54: Conditions
Page 55: Financing Cooperation.
Page 56: Guarantee
Page 57: Background of the Merger
Page 58: Equity Awards
Page 59: Restricted Stock
Page 60: New Arrangements with Blackboard Executive Officers and Other Key Employees
Page 61: Golden Parachute Compensation
Page 62: Indemnification and Insurance
Page 63: U.S. Holder
Page 64: The discussion set forth above is included for general information only. Each beneficial owner of sh
Page 65: Pogodzinski
Page 66: THE SPECIAL MEETING
Page 67: Voting of Proxies
Page 68: FOR
Page 69: Adjournments and Postponements
Page 70: Other Matters
Page 71: THE MERGER AGREEMENT
Page 72: Effective Time; Marketing Period
Page 73: N/A
Page 74: Merger Consideration
Page 75: Treatment of Stock Options, Restricted Stock, and Restricted Stock Units
Page 76: Representations and Warranties
Page 77: Material Adverse Effect Definition
Page 78: Conduct of Our Business Prior to Closing
Page 79: N/A
Page 80: Restrictions on Solicitations of Other Offers
Page 81: alternative acquisition proposal
Page 82: intervening circumstance
Page 83: Stockholders Meeting
Page 84: Financing Covenant; Company Cooperation
Page 85: N/A
Page 86: Employee Matters
Page 87: Indemnification; Directors and Officers Insurance
Page 88: Other Covenants
Page 89: N/A
Page 90: Termination of the Merger Agreement
Page 91: Termination Fees; Expenses
Page 92: Amendment; Waiver
Page 93: Remedies
Page 94: N/A
Page 95: APPRAISAL RIGHTS
Page 96: If you hold your shares of Company common stock through a bank, brokerage firm or other nominee and
Page 97: N/A
Page 98: Although we believe that the merger consideration is fair, no representation is made as to the outco
Page 99: If you desire to exercise your appraisal rights, you must not vote for the adoption of the merger ag
Page 100: MARKET PRICE AND DIVIDEND INFORMATION
Page 101: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Page 102: N/A
Page 103: ADJOURNMENT OF THE SPECIAL MEETING
Page 104: Golden Parachute Compensation
Page 105: Vote Required and Board of Directors Recommendation
Page 106: FUTURE STOCKHOLDER PROPOSALS
Page 107: WHERE YOU CAN FIND MORE INFORMATION
Page 108: Exhibit 2.1
Page 109: N/A
Page 110: N/A
Page 111: N/A
Page 112: AGREEMENT AND PLAN OF MERGER
Page 113: Section 5
Page 114: Section 1.7.
Page 115: Appraisal Rights.
Page 116: Accelerated Company Share
Page 117: Section 2.3(b)
Page 118: Section 2.3(a)
Page 119: provided
Page 120: IP Rights.
Page 121: Title to Assets; Real Property.
Page 122: Material Contract
Page 123: Tax Matters.
Page 124: Employee Benefit Plans.
Page 125: Labor Matters.
Page 126: Environmental Matters.
Page 127: Vote Required.
Page 128: REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB
Page 129: Non-Contravention; Consents.
Page 130: Definitive Financing Agreements
Page 131: Section 2.3
Page 132: Stated Liabilities
Page 133: Brokers.
Page 134: Section 4.1(m)
Page 135: Non-Budgeted Capital Expenditures
Page 136: No Solicitation; Change in Recommendation.
Page 137: provided, however,
Page 138: Recommendation Change
Page 139: Section 4.2(e)(ii)
Page 140: Proxy Clearance Date
Page 141: Section 5
Page 142: Section 4.4
Page 143: provided
Page 144: provided
Page 145: Debt Payoff
Page 146: Publicity.
Page 147: Section 4.12
Page 148: provided, however
Page 149: Stockholder Litigation.
Page 150: Section 5.3(a)
Page 151: Section 4.2
Page 152: provided, however
Page 153: Reverse Termination Fee
Page 154: Company Exclusive Remedy; Parent Maximum Liability.
Page 155: Parent Exclusive Remedy; Company Maximum Liability.
Page 156: Section 6.5
Page 157: Section 3
Page 158: Section 1.3
Page 159: Severability.
Page 160: Specific Performance.
Page 161: Waiver of Jury Trial.
Page 162: Financing Sources.
Page 163: CONFIDENTIAL
Page 164: Exhibit A
Page 165: Company Equity Plans. Company Equity Plans
Page 166: Compliant. Compliant
Page 167: Existing Policies. Existing Policies
Page 168: Intellectual Property Rights. Intellectual Property Rights
Page 169: provided
Page 170: Material Contract. Material Contract
Page 171: Parent Liability Limitation Amount. Parent Liability Limitation Amount
Page 172: Section 4.7(B)
Page 173: Annex B
Page 174: N/A
Page 175: N/A
Page 176: Annex C
Page 177: N/A
Page 178: N/A
Page 179: N/A
Page 180: BLACKBOARD INC.
Page 181: SPECIAL MEETING OF STOCKHOLDERS OF