Benzinga | Sep 30, 2021 04:18PM EDT

Tarena Delivers Notice Of Intent To Terminate Merger Agreement Due To Breach By Parent And Merger Sub

Tarena International, Inc. (NASDAQ:TEDU) ("Tarena" or the "Company"), a leading provider of adult professional education and childhood & adolescent quality education services in China, today announced that it has delivered a written notice to Kidedu Holdings Limited ("Parent"), Kidarena Merger Sub, a wholly owned subsidiary of Parent ("Merger Sub") and Ascendent Capital Partners ("ACP"), of the Company's intention to terminate the Agreement and Plan of Merger dated April 30, 2021 (the "Merger Agreement") with Parent and Merger Sub due to the breach of the Merger Agreement by Parent and Merger Sub.

If Parent and Merger Sub fail to cure their breaches by October 30, 2021 by confirming that Parent and ACP will, respectively, take all actions and do all things necessary, proper or advisable to close the transactions contemplated by the Merger Agreement by December 31, 2021, the Company intends to terminate the Merger Agreement and will be entitled to the parent termination fee pursuant to the Merger Agreement and other transaction documents.

While the Merger Agreement continues in effect, the Board of Directors of the Company cautions the Company's shareholders and the public that there can be no assurance that the transactions contemplated by the Merger Agreement will be consummated, as substantial uncertainty exists as to whether Parent and Merger Sub will timely cure their breaches. The Company will provide further updates as required by applicable law.