Arco Provides Update Related to the Non-binding Proposal
26 Janeiro 2023 - 6:26PM
Business Wire
Arco Platform Limited, or “Arco” or “Company” (Nasdaq:
ARCE), today announced that its board of directors (the
“Board”) formed in December 2022 a special committee (the “Special
Committee”) consisting of four independent and disinterested
directors, Beatriz Amary, Carla Schmitzberger, Edward Ruiz and
Stelleo Tolda, to evaluate and consider the previously announced
preliminary non-binding proposal, dated November 30, 2022 (the
“Proposal”), from General Atlantic L.P. (“General Atlantic”) and
Dragoneer Investment Group, LLC (“Dragoneer”) to acquire all of the
outstanding Class A common shares of the Company that are not held
by such parties or Oto Brasil de Sá Cavalcante and Ari de Sá
Cavalcante Neto or their respective affiliates (the “Public
Shares”) and any potential alternative transactions with respect to
the acquisition of the Public Shares by General Atlantic and
Dragoneer or by any other party or parties. The Special Committee
retained (i) Evercore Group L.L.C. and Seneca Evercore Advisors
Ltda.as its financial advisor, (ii) Skadden, Arps, Slate, Meagher
& Flom LLP as its U.S. legal counsel, (iii) Carey Olsen Cayman
Limited as its Cayman Islands legal counsel and (iv) BMA - Barbosa
Müssnich Aragão Advogados as its Brazilian legal counsel, in each
case to assist it in its mandate.
The Board cautions the Company’s shareholders and others
considering trading the Company’s securities that the Proposal is
under evaluation by the Special Committee; however, no decisions
have been made with respect to the response to the Proposal. There
can be no assurance that any definitive offer will be made, that
any definitive agreement will be executed relating to the Proposal
or any potential alternative transaction, 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 Arco Platform Limited (Nasdaq: ARCE)
Arco has empowered hundreds of thousands of students to rewrite
their futures through education. Our data-driven learning
methodology, proprietary adaptable curriculum, interactive hybrid
content, and high-quality pedagogical services allow students to
personalize their learning experience while enabling schools to
thrive.
Forward-Looking Statements
This press release contains forward-looking statements
pertaining to the Company within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, the Company’s expectations or predictions of future
financial or business performance and the approval and consummation
of the transaction related to the Proposal or any alternative
transaction. The successful achievement of the matters covered by
statements herein involves substantial known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, the
Company’s results could differ materially from the results
expressed or implied by such statements. You should not rely upon
forward-looking statements as predictions of future events.
Forward-looking statements are made on the basis of the Company’s
current expectations and projections relating to its financial
conditions, result of operations, plans, objectives, future
performance and business, and these statements are not guarantees
of future performance. Forward-looking statements represent the
Company management’s beliefs and assumptions only as of the date
such statements are made, and the Company undertakes no obligation
to update any forward-looking statements made in this press release
to reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.
Further information on these and other factors is included in
filings the Company makes with the Securities and Exchange
Commission from time to time, including the section titled “Risk
Factors” in the Company’s most recent Forms 20-F and 6-K. These
documents are available on the SEC Filings section of the Investor
Relations section of the Company’s website at:
https://investor.arcoplatform.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20230126005958/en/
Investor Relations Contact
Arco Platform Limited IR@arcoeducacao.com.br
https://investor.arcoplatform.com/
Arco Platform (NASDAQ:ARCE)
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