BEIJING, April 20, 2015 /PRNewswire/ -- Xueda Education
Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national
provider of personalized tutoring services for primary and
secondary school students in China, today announced its Board of Directors
(the "Board") has received a preliminary non-binding proposal
letter, dated April 20, 2015, (the
"Proposal Letter") from Insight Investment Co., Ltd., a Chinese
company listed on the Shenzhen Stock Exchange under the Stock Code
000526.SZ ( "Insight Investment"). In the Proposal Letter,
Insight Investment indicated its interest to acquire all of the
Company's outstanding shares, including ordinary shares represented
by American Depositary Shares ("ADS"), at $3.38 per ADS, or $1.19 per ordinary share. The Proposal
Letter states that any proposed transaction is subject to approval
of Insight Investment's board and shareholders' approval.
The Proposal Letter did not state any information pertaining to
Insight Investment's current ownership of the Company's ordinary
shares or ADSs. The Company is not aware through public filings or
other documents that Insight Investment may beneficially own 5% or
more of the Company's ordinary shares. In addition, no
members of the Board are affiliates of Insight Investment.
The Proposal Letter is brief and did not include any financing
plan for the proposed transaction.
The Company cautions its shareholders and others considering
trading its securities that the Board has just received the
Proposal Letter and has not had an opportunity to carefully review
and evaluate the Proposal yet, nor has the Board 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 by
Insight Investment or any other person, that any definitive
agreement will be executed in relation to the proposed transaction
or that the proposed transaction or any other transaction will be
approved or consummated.
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider
of personalized tutoring services for primary and secondary school
students in China. For more
information about Xueda, please visit http://ir.xueda.com.
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations,
market and operating conditions, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," "targets" and similar expressions, and variations or
negatives of these words. These forward-looking statements are not
guarantees of future results and are subject to risks and
uncertainties beyond our control, which could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. Further information regarding these
and other risks, uncertainties or factors is included in our
filings with the U.S. Securities and Exchange Commission. We do not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
Contact:
Xueda Education Group
Ross Warner
Tel: +86-10-6427-8899 ext. 6619
Email: investor_relations@xueda.com
Asia Bridge Capital Limited
Wendy Sun
Tel: +86-10-8556-9033 (China)
+1-888-550-8392 (U.S.)
Email: wendy.sun@asiabridgegroup.com
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SOURCE Xueda Education Group