Bright Scholar Announces Receipt of Preliminary Non-Binding "Going Private" Proposal
Bright Scholar Education Holdings (NYSE: BEDU) has received a preliminary non-binding "going private" proposal from a buyer group led by its chairperson Hongru Zhou and CEO Ruolei Niu. The group proposes to acquire all outstanding Class A shares not already owned by them for $0.50 per share ($2.00 per ADS).
The offer price represents a 28.21% premium to the May 23 closing price, and premiums of 23.58% and 18.08% to the 30-day and 60-day volume-weighted average prices, respectively. The Board will form a special committee of independent directors to evaluate the proposal, though there's no guarantee of a definitive agreement or transaction completion.
Bright Scholar Education Holdings (NYSE: BEDU) ha ricevuto una proposta preliminare non vincolante di "privatizzazione" da un gruppo di acquirenti guidato dal presidente Hongru Zhou e dall'amministratore delegato Ruolei Niu. Il gruppo propone di acquisire tutte le azioni di Classe A in circolazione non già di loro proprietà a 0,50 $ per azione (2,00 $ per ADS).
Il prezzo offerto rappresenta un premio del 28,21% rispetto al prezzo di chiusura del 23 maggio, e premi del 23,58% e 18,08% rispetto ai prezzi medi ponderati per volume degli ultimi 30 e 60 giorni, rispettivamente. Il Consiglio nominerà un comitato speciale di amministratori indipendenti per valutare la proposta, anche se non vi è alcuna garanzia di un accordo definitivo o del completamento della transazione.
Bright Scholar Education Holdings (NYSE: BEDU) ha recibido una propuesta preliminar no vinculante de "privatización" por parte de un grupo comprador liderado por su presidente Hongru Zhou y el CEO Ruolei Niu. El grupo propone adquirir todas las acciones Clase A en circulación que no posean por 0,50 $ por acción (2,00 $ por ADS).
El precio ofrecido representa una prima del 28,21% sobre el precio de cierre del 23 de mayo, y primas del 23,58% y 18,08% sobre los precios promedio ponderados por volumen de 30 y 60 días, respectivamente. La Junta formará un comité especial de directores independientes para evaluar la propuesta, aunque no hay garantía de un acuerdo definitivo o la finalización de la transacción.
Bright Scholar Education Holdings (NYSE: BEDU)는 회장 홍루 저우(Hongru Zhou)와 CEO 뤄레이 니우(Ruolei Niu)가 이끄는 매수자 그룹으로부터 예비 비구속 "비상장화" 제안을 받았습니다. 이 그룹은 이미 소유하지 않은 모든 클래스 A 주식을 주당 0.50달러 (ADS당 2.00달러)에 인수할 것을 제안합니다.
제안 가격은 5월 23일 종가 대비 28.21% 프리미엄이며, 30일 및 60일 거래량 가중 평균 가격 대비 각각 23.58%와 18.08%의 프리미엄을 나타냅니다. 이사회는 제안을 평가하기 위해 독립 이사들로 구성된 특별 위원회를 구성할 예정이나, 최종 계약 또는 거래 완료를 보장하지는 않습니다.
Bright Scholar Education Holdings (NYSE : BEDU) a reçu une proposition préliminaire non contraignante de "privatisation" d'un groupe d'acheteurs dirigé par son président Hongru Zhou et son PDG Ruolei Niu. Le groupe propose d'acquérir toutes les actions de classe A en circulation qu'ils ne possèdent pas déjà pour 0,50 $ par action (2,00 $ par ADS).
Le prix proposé représente une prime de 28,21 % par rapport au cours de clôture du 23 mai, ainsi que des primes de 23,58 % et 18,08 % par rapport aux prix moyens pondérés par le volume sur 30 et 60 jours, respectivement. Le conseil d'administration formera un comité spécial composé d'administrateurs indépendants pour évaluer la proposition, bien qu'il n'y ait aucune garantie qu'un accord définitif ou la réalisation de la transaction ait lieu.
Bright Scholar Education Holdings (NYSE: BEDU) hat einen vorläufigen unverbindlichen Vorschlag zur "Privatisierung" von einer Käufergruppe unter der Leitung des Vorsitzenden Hongru Zhou und des CEO Ruolei Niu erhalten. Die Gruppe schlägt vor, alle ausstehenden Klasse-A-Aktien, die sie nicht bereits besitzen, für 0,50 $ pro Aktie (2,00 $ pro ADS) zu übernehmen.
Der Angebotspreis stellt eine Prämie von 28,21% gegenüber dem Schlusskurs vom 23. Mai dar sowie Prämien von 23,58% und 18,08% gegenüber den volumengewichteten Durchschnittspreisen der letzten 30 bzw. 60 Tage. Der Vorstand wird ein spezielles Komitee unabhängiger Direktoren einsetzen, um den Vorschlag zu prüfen, wobei jedoch keine Garantie für einen endgültigen Vertrag oder den Abschluss der Transaktion besteht.
- Offer represents a 28.21% premium to the last closing price
- Premium of 23.58% to 30-day and 18.08% to 60-day volume-weighted average prices
- Transaction to be financed with equity/debt capital by the Buyer Group
- Going private transaction would result in delisting from NYSE
- No guarantee that a definitive agreement will be reached
- Shareholders would lose potential future upside if the company goes private
Insights
Bright Scholar's management proposes taking the company private at a 28% premium, signaling potential undervaluation and strategic restructuring opportunity.
This going-private proposal from Bright Scholar's management team represents a significant corporate action with material implications for shareholders. The $0.50 per share ($2.00 per ADS) cash offer represents a
The premium structure is tiered against different timeframes:
The formation of a special committee of independent directors represents standard corporate governance for these transactions, designed to protect minority shareholders from conflicts of interest. This committee will be critical in evaluating whether the proposal fairly values the company. The transaction, if approved, would likely see all public shareholders cashed out and delisted from NYSE.
The proposal is still preliminary, non-binding, and subject to financing conditions. Management could be seeking greater operational flexibility outside quarterly reporting requirements, implementing significant restructuring, or addressing operational challenges without public market scrutiny. Education companies globally have faced regulatory pressures, especially those with Chinese operations, which may be driving this privatization strategy.
According to the Proposal, the Proposed Transaction is intended to be financed with equity and/or debt capital by the Buyer Group.
The Board intends to form a special committee consisting of independent and disinterested directors to consider the Proposal. The Board expects that the special committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.
The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal and has not had an opportunity to carefully review and evaluate the Proposal or make 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 definitive agreement will be executed relating to the Proposed 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 Bright Scholar Education Holdings Limited
Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.
For more information, please visit: https://ir.brightscholar.com/.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050
Media Contact:
Email: media@brightscholar.com
Annex A
26 May 2025
The Board of Directors (the "Board")
Bright Scholar Education Holdings Limited (the "Company")
Suites 6-7, The Turvill Building Old Swiss,
149 Cherry Hinton Road Cambridge,
Dear Members of the Board:
Mr. Hongru Zhou, chairperson of the Board, Mr. Ruolei Niu, Chief Executive Officer of the Company, Excellence Education Investment Limited, Ultimate Wise Group Limited and Sure Brilliant Global Limited (collectively, the "Buyer Group", "we" or "us") are pleased to submit this preliminary non-binding proposal (this "Proposal") to acquire all outstanding Class A ordinary shares of the Company (the "Class A Shares" or "Shares"), including Class A Shares represented by American depositary shares ("ADSs", each representing four Class A Shares), that are not already beneficially owned by the Buyer Group in a going-private transaction (the "Acquisition"), which will result in the delisting of the ADS of the Company from the NYSE.
Our proposed purchase price is
The Buyer Group currently beneficially owns approximately
The terms and conditions upon which we are prepared to pursue the Acquisition are set forth below. We are confident in our ability to consummate the Acquisition outlined in this letter.
- Purchase Price. Our proposed consideration payable for the Shares and ADSs acquired in the Acquisition is
US per Share or$0.50 US per ADS in cash (in each case other than those Shares or ADSs beneficially owned by the Buyer Group).$2.00 - Closing Certainty; Financing. We believe that we offer a high degree of closing certainty and are well positioned to negotiate and complete the proposed Acquisition on an expedited basis. We intend to finance the Acquisition with equity and/or debt capital and we expect the commitments for the required equity and debt funding, subject to the terms and conditions set forth therein, to be in place when the Definitive Agreements (as defined below) are signed. We are confident that we can timely secure adequate financing to consummate the Acquisition.
- Due Diligence. The Buyer Group will require a timely opportunity to conduct customary due diligence on the Company and its subsidiaries. We would like to ask the Board to accommodate such due diligence request and approve the provision of confidential information relating to the Company and its business to possible sources of equity and debt financing subject to a customary form of confidentiality agreement. We have engaged King & Wood Mallensons as our legal counsel. We believe that we will be in a position to complete customary due diligence for the Acquisition in a timely manner and in parallel with discussions on the Definitive Agreements (defined as below).
- Definitive Agreement. We are prepared to promptly negotiate and finalize definitive agreements with respect to the Acquisition (the "Definitive Agreements") while conducting our due diligence. This proposal is subject to execution of the Definitive Agreements. We expect that such Definitive Agreements will include provisions which are typical, customary and appropriate for transactions of this type.
- Process. We believe that the Acquisition will provide superior value to the Company's shareholders. We expect that the Board will establish a special committee comprised of independent and disinterested directors of the Company, who will be exclusively authorized to consider and negotiate with us the proposed Acquisition, including the Definitive Agreements. In considering this Proposal, you should be aware that we are interested only in pursuing the Acquisition and we do not intend to sell our shares in the Company to any third party.
- Confidentiality. We will, as required by law, promptly file a Schedule 13D with the
U.S. Securities and Exchange Commission to disclose this Proposal. However, we trust you will agree with us that it is in all of our mutual interests to ensure that our discussions relating to the Acquisition proceed in a strictly confidential manner, unless otherwise required by law, until we have executed the Definitive Agreements or terminated our discussions. - No Binding Commitment. This letter is not a binding offer, an agreement or agreement to make a binding offer or agreement at any point in the future. This letter constitutes only a preliminary indication of our interest, and does not constitute any binding offer, agreement or commitment with respect to the Acquisition. Such a commitment will result only from the execution of Definitive Agreements, and then will be on the terms and conditions provided in such documentation.
In closing, we would like to express our commitment to working together with the Board and its special committee to bring this Acquisition to a successful and timely conclusion. Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from you.
Sincerely yours,
/s/ Hongru Zhou |
Hongru Zhou |
/s/ Ruolei Niu |
Ruolei Niu |
Excellence Education Investment Limited |
By: /s/ Meirong Yang |
Name: Meirong Yang |
Title: Director |
Ultimate Wise Group Limited |
By: /s/ Huiyan Yang |
Name: Huiyan Yang |
Title: Director |
Sure Brilliant Global Limited |
By: /s/ Huiyan Yang |
Name: Huiyan Yang |
Title: Director |
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SOURCE Bright Scholar Education Holdings Ltd.
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