Benzinga | Dec 8, 2020 06:07AM EST

Tarena Announces Receipt Of Preliminary Non-Binding Proposal To Acquire The Company For $/ADS

BEIJING, Dec. 8, 2020 /PRNewswire/ -- Tarena International, Inc. (NASDAQ:TEDU) ("Tarena" or the "Company"), a leading provider of professional education and K-12 education services in China, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal Letter"), dated December 8, 2020, from Mr. 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 Mr. Han and his affiliates (the "Buyer Group") for a purchase price of $4.00 per American Depositary Share ("ADS", each representing one (1) Class A ordinary share), or US$4.00 per Class A ordinary share, in cash (the "Proposed Transaction"). A copy of the Proposal Letter is attached hereto as Exhibit A.

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 with respect to the Proposal Letter and the Proposed Transaction. 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 Letter will be entered into between the Company and the Buyer Group, or that the Proposed Transaction or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.