Learning Tree no longer looking for buyers, blames financial markets

By Lisa Kerner

Charlotte, N.C., Oct. 14 - Current conditions in the financial markets led to a decision by Learning Tree International, Inc.'s special committee to stop soliciting offers to buy the company, it was announced on Tuesday.

"Regardless of temporary market conditions, we remain focused on maximizing shareholder value, building on the significant improvements in profitability and revenue we achieved over the past two years," chief executive officer Nick Schacht said in a company news release.

"Our current strong financial position - with over $65 million in cash and cash equivalents (not counting an additional $26 million in available for sale securities) at the end of our third fiscal quarter - gives us the financial flexibility to do what we do best: provide our customers the best IT and management training available in the market."

In May, Learning Tree announced that the special committee of its independent directors would solicit offers to purchase the company with the assistance of RBC Capital Markets.

At that time, Learning Tree said it had not ruled out remaining a standalone company.

Learning Tree provides vendor-independent education and training to IT professionals and managers in business and government organizations. The company is based in Reston, Va.

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