ATA Announces Receipt of Preliminary Non-binding Proposal to Acquire its Subsidiary, Formation of Special Committee, and Appo...
August 30 2017 - 8:05AM
ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI), a leading provider
of advanced testing technologies and testing-related services in
China, today announced that its Board of Directors (the “Board”)
has received a non-binding proposal (the “Proposal”) to acquire
ATA’s 100% equity interest in ATA Online (Beijing) Education
Technology Co., Ltd. (“ATA Online”), a wholly-owned subsidiary of
the Company.
Mr. Kevin Xiaofeng Ma, ATA’s Chairman and Chief
Executive Officer, has proposed to acquire 100% of ATA Online’s
total equity interest for a total consideration of US$150 million,
which represents a 40% premium over ATA’s market capitalization
(calculation based on ATA’s share price as of the market close on
August 29, 2017). The consideration is proposed to be paid in cash
and will be financed through a combination of equity and debt
finance.
The Board has formed a special committee (the
“Special Committee”) comprised of two independent directors, Alec
Tsui and Hope Ni, to evaluate the aforementioned transaction as set
forth in the Proposal.
The Special Committee has retained Duff &
Phelps (Duff & Phelps Securities, LLC and Duff & Phelps,
LLC) as its financial advisor and Morgan, Lewis & Bockius as
its U.S. legal counsel in connection with the review and evaluation
of the Proposal.
The Board cautions ATA’s shareholders and others
considering trading in its securities that the Board recently
received the Proposal and no decisions have been made with respect
to the Company’s response thereto. There can be no assurance that
any definitive offer will be made, that any legally binding
agreement will be executed, or that this or any other transaction
will be approved or consummated. ATA does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
About ATA Inc.ATA is a leading provider of
advanced testing technologies in China. The Company offers
comprehensive services for the creation and delivery of assessments
based on its proprietary testing technologies and test delivery
platform. ATA’s testing technologies are used for professional
licensure and certification tests in various industries, including
information technology services, banking, teaching, asset
management, insurance, and accounting. As of June 30, 2017, ATA’s
test center network comprised 3,209 authorized test centers located
throughout China. The Company believes that it has the largest test
center network of any commercial testing service provider in
China.
ATA has delivered a total of approximately 92.0
million billable tests since ATA started operations in 1999. For
more information, please visit ATA’s website at
www.atai.net.cn.
For more information on our company, please contact the following individuals:
At the Company
ATA Inc.
Amy Tung, CFO
+86 10 6518 1122 x 5518
amytung@atai.net.cn
Investor Relations
The Equity Group Inc.
Carolyne Y. Sohn, Senior Associate
415-568-2255
csohn@equityny.com
Adam Prior, Senior Vice President
212-836-9606
aprior@equityny.com
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