Bright Scholar Education Holdings Ltd. (BEDU), a premier education service company, on Monday announced that it has entered into a merger agreement with Excellence Education Investment Ltd. and its wholly owned subsidiary, Bright Education Mergersub Ltd.
The merger is expected to close in 2025.
Under the agreement, Mergersub will merge with and into Bright Scholar, making it a wholly owned subsidiary of Excellence Education.
On completion, each American Depositary Share, representing four Class A ordinary shares, will be canceled in exchange for $2.30 in cash per ADS, while each ordinary share will receive $0.575 in cash.
The offer represents a 47.4% premium to the ADS closing price on May 23.
The merger will be funded through cash contributions, equity rollovers, and share transfers by members of the buyer group, including Hongru Zhou, Ruolei Niu, and affiliated entities.
The company's board and special committee of independent directors have unanimously approved the transaction.
In the pre-market trading, Bright Scholar Education closed trading, 4.21% higher at $2.2300 on the New York Stock Exchange.
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