Educate ( EEEE) agreed to be taken private by a management-led private equity group for $8 a share, or $344 million.

Baltimore-based Educate said the group is led by CEO Christopher Hoehn-Saric, operating chief Peter Cohen, Sterling Capital Partners and Citigroup Private Equity. The deal offers a 5% premium to Friday's closing price.

Apollo Sylvan, which holds 53% of Educate's stock, is voting in favor of the deal.

Shares rose 22 cents to $7.83.

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