Instructure (INST), the enterprise software company whose tools power much of the digital infrastructure of U.S. university courses, has over the past quarter transformed from a sleepy software company to a rumor mill magnet. Ever since private equity firm Thoma Bravo offered $47.60 per share to acquire the company in December 2019, Instructure's sale has stood out for one particular reason: instead of outright accepting the bid, which was lower than many investors had expected (Instructure traded in the low $50s in November after the company announced it had hired J.P. Morgan (