RTTNews | Dec 8, 2020 06:22AM EST

06:22 Tuesday, December 8, 2020 (RTTNews.com) - Chinese educational firm Tarena International, Inc. (TEDU) announced Tuesday that its board of directors has received a preliminary non-binding proposal letter, dated December 8, 2020, from Shaoyun Han, its founder and chairman of the Board, to acquire all of the outstanding Class A ordinary shares of the Company that are not already owned by Han and his affiliates for a purchase price of $4.00 per American Depositary Share (ADS), or $4.00 per Class A ordinary share, in cash.

The Company expects that a special committee of the Board, composed solely of independent and disinterested directors, will be formed to consider the proposal Letter and the proposed transaction.

The Company cautions that the Board has just received the proposal letter and has not made any decisions on it.

There can be no assurance that the Buyer Group will make any definitive offer to the Company, that any definitive agreement relating to the proposal will be entered into between the Company and the buyer group.

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