BEDU - Bright Scholar receives non-binding going private proposal

Bright Scholar Education (NYSE:BEDU) said Friday it received a prelim. non-binding proposal letter from chairperson Huiyan Yang and Meirong Yang to acquire all its outstanding shares for $0.83/share in cash in a going private deal. The shares include class A shares represented by American depositary shares and class B shares that are not already beneficially owned by the buyer group. BEDU said the price represents a 44% premium to its closing price on Apr. 28. The group intends to finance the proposed deal with a combination of debt and equity capital. BEDU will form a special committee consisting of independent and disinterested directors as well as independent advisors to consider the proposal. There can be no assurance that any definitive offer will be made.

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Bright Scholar receives non-binding going private proposal