BEIJING, July 11, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online educational services provider in China, today announced
that its board of directors has established a special
committee (the "Special Committee") to consider the non-binding
proposal letter, dated June 20, 2013,
from Ms. Julia Huang, executive chairman of the board of
directors of the Company and Mr. Shawn
Ding, chief executive officer of the Company
(collectively, the "Buyer Parties"), to acquire all of the
outstanding ordinary shares of the Company not currently
owned by the Buyer Parties and certain other shareholders of the
Company who may join the Buyer Parties (the "Proposed
Transaction").
The Special Committee is composed of the following independent
directors of the Company: Samuel
Yen, Min Fan and Tianwen Liu.
Mr. Yen will be the chairperson of the Special Committee. The
Special Committee has retained Ropes & Gray LLP as its
legal counsel and Houlihan Lokey
(China) Limited as an independent
financial advisor to assist its evaluation of the Proposed
Transaction and any potential alternative transactions. The
board of directors cautions the Company's shareholders that no
decisions have been made by the Special Committee with respect to
the Company's response to the proposal and there can be no
assurance that any definitive offer will be made, that any
agreement will be executed or that this or any other transaction
will be approved or consummated.
About ChinaEdu
ChinaEdu Corporation is an educational services provider in
China, incorporated as an exempted
limited liability company in the Cayman
Islands. Established in 1999, the Company's primary business
is to provide comprehensive services to the online degree programs
of leading Chinese universities. These services include academic
program development, technology services, enrollment marketing,
student support services and finance operations. The Company's
other lines of businesses include the operation of private primary
and secondary schools, online interactive tutoring services and
providing marketing, support for international and elite curriculum
programs and online learning community for adult students.
The Company believes it is the largest service provider to
online degree programs in China in
terms of the number of higher education institutions that are
served and the number of student enrollments supported. The Company
currently has entered into collaborative alliances with 13
universities, ranging from 15 to 50 years in length. The Company
has also entered into technology agreements with 8 universities.
Besides, ChinaEdu performs recruiting services for 23 universities
through a nationwide learning center network.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. Forward-looking statements involve known and unknown
risks, uncertainties and contingencies, many of which are beyond
our control which may cause actual results, levels of activity,
performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements. The Company's actual
results could differ materially from those contained in the
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended
December 31, 2012, and in documents subsequently filed by the
Company from time to time with the Securities and Exchange
Commission. Unless required by law, the Company undertakes no
obligation to (and expressly disclaim any such obligation to)
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1 908-442-9395
E-mail: helen@chinaedu.net
Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86 10 8418-7301
E-mail: simon@chinaedu.net
SOURCE ChinaEdu Corporation