D2L Inc. (DTOL) ran nearly 15% on the back of an unsolicited $572M take-private proposal from 2717 Partners, which feels opportunistic at best - given the offer translates to 1.4x NTM EV/sales…

… despite signs of top line re-acceleration, with new wins in higher education offsetting some churn in the much smaller K-12 segment.

With $120M in cash, no debt, strong FCF generation, and a CEO that controls ~90% of the vote…

… it’s unlikely this stink bid materializes, but it does support management’s use of the buyback - which has been increasing alongside the software sell-off.

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