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Friday A.M. Report

Plato Learning to be bought for $143 million, feds award $4.7 million for rural Minnesota broadband, Edina jeweler files for bankruptcy, MSP airport lands $5 million for runway upgrades, and Imation CEO pay dips.

Plato Learning agrees to be bought for $143 million: Plato Learningannounced today that it has agreed to be acquired by private equity firm Thoma Bravo for $143 million. Under the deal, Plato shareholders will receive $5.60 in cash for each share of common stock they own. The company’s stock closed at $4.91 per share on Thursday. The deal is subject to regulatory approvals. Read full story

Feds award $4.7 million stimulus grant for rural Minnesota broadband: The U.S. Department of Commerce announced Thursday that it has awarded a $4.7 million grant to the Blandin Foundation and 19 partners in the Minnesota Intelligent Communities coalition to enhance broadband access in rural Minnesota communities. The grant comes from the Broadband Technology Opportunities Program, which is part of the American Recovery and Reinvestment Act. Read full story

Edina jeweler Scheherazade files for bankruptcy: Edina jeweler Scheherazade has filed for Chapter 11 bankruptcy protection. The 40-year-old, family-owned company owes between $1 million and $10 million to more than 100 creditors, according to court documents. It also lists assets of between $1 million and $10 million. Read full story

MSP airport lands $5 million for runway upgrades: The Minneapolis-St. Paul International Airport will receive $5 million from the U.S. Department of Transportation for runway construction, U.S. Senator Amy Klobuchar announced Thursday. The funding will be used to make safety and infrastructure improvements required under the Federal Aviation Administration Reauthorization bill, which passed the Senate earlier this week. Read full story

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Imation CEO pay dips in 2009 to $2.7 million: Imation Corp. CEO Frank Russomanno received more than $2.7 million in total compensation in 2009, slightly less than he got in 2008. Russomanno, who recently announced he will retire in May, earned a base salary of $720,014 in 2009, up from $687,129 a year earlier. Read full story