BEIJING, May 14, 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 that the Board of
Directors of the Company (the "Board") has formed a committee of
independent directors (the "Independent Committee") to evaluate the
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") to acquire all of the Company's outstanding shares
(the "Proposal").
Each of the co-founders of the Company, Mr. Xin Jin, Mr. Rubin
Li and Mr. Jinbo Yao (the
"Founders"), currently intend to form a consortium with Insight
Investment in connection with the Proposal. The Founders currently
beneficially own, in the aggregate, shares of the Company
representing approximately 58.8% of the issued and outstanding
shares of the Company.
The Company cautions its shareholders and others considering
trading its securities that neither the Board nor the Independent
Committee has made any decision with respect to the Company's
response to the Proposal Letter. 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 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