Plus   Neg

China Distance Education Receives Buyout Proposal From Co-founders - Quick Facts

Online education provider China Distance Education Holdings Ltd. (DL) announced Monday that its Board of Directors has received a preliminary non-binding proposal letter dated June 8, 2020 from Zhengdong Zhu, co-founder, chairman of the Board and chief executive officer of the Company, Baohong Yin, co-founder of the Company, deputy chairman of the Board and the spouse of Zhu and their affiliated entity to acquire all of the outstanding ordinary shares of the Company, including ordinary shares represented by American depositary shares (ADS), for $2.27 in cash per ordinary share, or $9.08 in cash per ADS.

The Buyer Group intends to fund the consideration for the proposed transaction with a combination of debt and/or equity capital. Equity financing is expected to be provided by the Buyer Group and from any additional equity investor who may be admitted to the Buyer Group. Debt financing is expected to be provided by loans from third party financial institutions.

The Board will consider the proposed transaction and evaluate the proposal or make any decision. However, there can be no assurance that any definitive offer will be made, that any definitive agreement will be executed.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients. Ferring Pharmaceuticals US is recalling various nasal sprays citing superpotency or amounts of desmopressin higher than specified, the U.S. Food and Drug Administration announced in a statement. The recall involves all lots on the market of DDAVP Nasal Spray 10 mcg/0.1mL, Desmopressin Acetate Nasal Spray 10 mcg/0.1mL, and STIMATE Nasal Spray 1.5 mg/mL. U.S. President Donald Trump has issued executive orders to ban Chinese mobile application TikTok as well as WeChat, citing a threat to national security and its economy. China's ByteDance Ltd. owns TikTok, a video-sharing mobile app, while Tencent Holdings Ltd. owns WeChat, a messaging, social media, and electronic payment app.
Follow RTT