TEDU - Tarena terminates merger deal with Buyer Group

Tarena International (NASDAQ:TEDU) and the buyer group (the Buyer Group Parties) consisting of Mr. Han Shaoyun, Ascendent Capital Partners III, L.P., Kidedu Holdings (Parent), Kidarena Merger Sub, and Kidtech Limited, a wholly owned subsidiary of Mr. Han Shaoyun, have mutually agreed to terminate the previous Agreement and Plan of Merger, dated April 30, 2021. The Company and the Buyer Group Parties were in disagreement on specific terms and conditions within the Merger Agreement. Pursuant to the Termination Agreement, the Buyer Group Parties will pay a settlement payment of $3.53M to the Company by November 26, 2021. The Company believes that the settlement is in the best interests of the shareholders and will continue to evaluate strategic options available to the Company. Earlier in October, Tarena sent a notice to terminate its merger with Kidedu Holdings due to breach of contract. TEDU down 1.2% premarket at $0.80.

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Tarena terminates merger deal with Buyer Group