RTTNews | Dec 1, 2020 05:31AM EST

05:31 Tuesday, December 1, 2020 (RTTNews.com) - China Distance Education Holdings Limited (DL) has entered into a merger agreement with Champion Distance Education Investments Limited and China Distance Learning Investments Limited, a unit of Champion. China Distance Learning Investments will merge with and into China Distance Education, with China Distance Education continuing as the surviving entity and becoming a wholly-owned subsidiary of Champion Distance Education, in a transaction in which the company will be acquired by a group of certain of the company's existing shareholders.

The buyer Group include Zhengdong Zhu, CEO, Baohong Yin, co-founder, and the spouse of Zhu and certain other existing shareholders and equity investors.

All outstanding ordinary shares of China Distance Education Holdings, including ordinary shares represented by American depositary shares, each representing four ordinary shares, other than excluded shares and ADSs representing excluded shares, will be cancelled in exchange for the right of the holders thereof to receive $2.45 in cash per ordinary share or $9.80 in cash per ADS.

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