RTTNews | Nov 15, 2021 06:37AM EST

06:37 Monday, November 15, 2021 (RTTNews.com) - Tarena International, Inc. (TEDU), a provider of adult professional education services in China, on Monday said the company and the buyer group comprising Han Shaoyun, Ascendent Capital Partners III, L.P., Kidedu Holdings Limited, and Kidarena Merger Sub, have agreed to terminate the previously announced merger plan.

Following disagreement with certain terms and conditions, Tarena had in September delivered a notice to the buyer group parties, the intention to terminate the agreement. Now, all the parties to the deal have reached a consensus to terminate the the merger deal.

Pursuant to the termination deal, the Buyer Group Parties will pay a settlement payment of $3.53 million to the company by November 26. The merger agreement will be terminated upon receipt by the company.

"The Company expects its total net revenues for the third quarter of 2021 to exceed its financial results for the second quarter. We believe that the company can maintain a sustainable growth in the adult professional education and childhood & adolescent quality education businesses," commented Ying Sun, Chief Executive Officer of Tarena.

Read the original article on RTTNews ( https://www.rttnews.com/3242296/tarena-agrees-with-buyer-group-to-terminate-merger-deal.aspx)

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