May. 28 at 10:48 AM
$BEDU Bright Scholar receives 50c per share proposal to be taken private
Bright Scholar announced that its board of directors has received a preliminary non-binding proposal letter from Hongru Zhou, its chairperson of the board, Ruolei Niu, its chief executive officer, and several of its shareholders, including Excellence Education, Ultimate Wise Group and Sure Brilliant Global, proposing to acquire all of the outstanding Class A ordinary shares of the company, including Class A shares represented by American depositary shares that are not already beneficially owned by the members of the buyer group for a purchase price of 50c per share in cash in a going private transaction, subject to certain customary conditions.
The price represents a premium of approximately 28.21% to the closing price of the ADSs on May 23, the last trading day prior to the date of the proposal and a premium of approximately 23.58% and 18.08% to the volume-weighted average closing price of the ADSs during the last 30 and 60 trading days, respectively. According to the proposal, the proposed transaction is intended to be financed with equity and/or debt capital by the buyer group. The board intends to form a special committee consisting of independent and disinterested directors to consider the proposal. The board expects that the special committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.
