BEIJING, June 22, 2020 /PRNewswire/ -- China Distance
Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a
leading provider of online education and value-added services for
professionals and corporate clients in China, today announced that its board of
directors (the "Board") has formed a special committee (the
"Special Committee") consisting of Ms. Carol Yu and Ms. Annabelle Yu Long, each an independent director,
to review and evaluate a
previously-announced non-binding proposal that the Board
received on June 8, 2020 (the
"Proposal") from Mr. Zhengdong Zhu,
co-founder, chairman of the Board and chief executive officer of
the Company ("Mr. Zhu"), Ms. Baohong
Yin, co-founder of the Company, deputy chairman of the Board
and the spouse of Mr. Zhu, and their affiliated entity
(collectively, the "Buyer Group"), to acquire all of the
outstanding ordinary shares of the Company, including ordinary
shares represented by American depositary shares (the "ADSs", each
representing four ordinary shares), for US$2.27 in cash per ordinary share, or
US$9.08 in cash per ADS (the
"Proposed Transaction"). The Special Committee has retained
Goulston & Storrs PC as its United
States legal counsel in connection with its review and
evaluation of the Proposal.
The Company cautions its shareholders and others considering
trading in its securities that neither the Board nor the Special
Committee has made any decision with respect to the Company's
response to the Proposal. 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. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education and value-added services for professionals and
corporate clients in China. The
courses offered by the Company through its websites are designed to
help professionals seeking to obtain and maintain professional
licenses and to enhance their job skills through our professional
development courses in China in
the areas of accounting, healthcare, engineering &
construction, legal and other industries. The Company also offers
online test preparation courses for self-taught learners pursuing
higher education diplomas or degrees, and practical accounting
training courses for college students and working professionals. In
addition, the Company provides business services to corporate
clients, including but not limited to tax advisory and accounting
outsourcing services. For further information, please visit
http://ir.cdeledu.com.
Safe Harbor Statements
This announcement may contain forward-looking statements. Any
such statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "may," "should," "potential," "continue," "expect,"
"predict," "anticipate," "future," "intend," "plan," "believe,"
"is/are likely to," "estimate" and similar statements. The Company
may also make written or oral forward-looking statements in its
periodic and annual reports to the SEC, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. There can be
no assurance that the Buyer Group will make any definitive offer to
the Company, that any definitive agreement relating to the Proposal
will be entered into between the Company and the Buyer Group or
that the Proposed Transaction or any other similar transaction will
be approved or consummated.
Contacts:
In China:
China Distance Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999 ext. 1826
Email: IR@cdeledu.com
The Piacente Group, Inc.
Xi Zhang
Tel: +86-10-6508-0677
E-mail: dl@tpg-ir.com
In the United
States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 212-481-2050
Email: dl@tpg-ir.com
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SOURCE China Distance Education Holdings Ltd.