Adtalem Issues Statement
Adtalem Global Education (NYSE: ATGE) reaffirms its commitment to engaging with shareholders Engine Capital and Hawk Ridge Partners. The company remains focused on executing its growth strategy, which involves strategic investments, streamlining its portfolio, and enhancing educational offerings through the pending acquisition of Walden University. The acquisition aims to broaden access to quality education. Adtalem emphasizes its dedication to long-term shareholder value and community impact, while also acknowledging potential risks related to the acquisition and market competition.
- Pending acquisition of Walden University to enhance educational offerings.
- Commitment to engaging in constructive dialogue with shareholders.
- Focus on long-term growth strategy and increased shareholder value.
- Risks associated with the consummation and benefits of the Walden University acquisition.
- Competition in the postsecondary education market could impact growth.
Adtalem Global Education (NYSE: ATGE), a leading workforce solutions provider, today issued the following statement related to a letter issued by Engine Capital LP (together with its affiliates, “Engine”) and Hawk Ridge Partners LP (together with its affiliates, “Hawk Ridge”):
Adtalem is committed to maintaining an active dialogue with its shareholders and welcomes feedback that may advance the goal of enhancing value for all shareholders. Members of Adtalem’s Board of Directors and management team have met with representatives of Engine and Hawk Ridge on numerous occasions in recent weeks. The company will consider Engine's and Hawk Ridge’s views in due course and looks forward to continuing a constructive dialogue.
Adtalem is focused on executing its long-term growth strategy to create a leading workforce solutions provider through strategic investments and the streamlining of its portfolio. In line with this strategy and to meet the needs of an evolving market, the company divested DeVry University and Carrington College in 2018 and Adtalem Brazil in 2020. In addition, in 2020 the company announced a definitive agreement to acquire Walden University, a leading online healthcare education provider. With the addition of Walden University, Adtalem will have an even greater ability to broaden access to high-quality education for students through an unmatched depth and breadth of online, on-campus and hybrid educational offerings and clinical partnerships.
“We remain focused on executing our leading workforce solutions provider strategy and expanding our portfolio in high growth areas while divesting those businesses that were not aligned with our long-term growth strategy. We continue to prioritize creating long-term shareholder value and amplifying our social impact on our students, employer partners and the communities that we serve,” said Lisa Wardell, chairman and CEO of Adtalem.
About Adtalem Global Education
The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE; member S&P MidCap 400 Index) is a leading workforce solutions provider and the parent organization of American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit adtalem.com and follow us on Twitter (@adtalemglobal) and LinkedIn.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding the pending Walden University acquisition and the potential benefits of such acquisition to Adtalem, Adtalem’s expectations for long-term growth trends in healthcare and online education, Adtalem’s expectation of long-term value creation for shareholders, Adtalem’s fiscal year 2021 growth targets in revenue and EPS, Adtalem’s commitment to maintaining an active dialogue with its shareholders, Adtalem’s long-term growth strategy and priorities, as well as the assumptions underlying such statements. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements, including (i) the pending Walden University acquisition may not be consummated at all, or even if consummated may not have the intended benefits to Adtalem, (ii) regulatory developments and governmental and third party investigations and legal actions, (iv) outbreak of communicable infections or diseases, including the COVID-19 pandemic, (v) Adtalem’s ability to recruit and retain students, (vi) competition in the postsecondary education market, and (vii) Adtalem’s ability to successfully identify, pursue, close and integrate acquisitions. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission (SEC) on August 18, 2020 and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and we do not undertake any obligation to update any forward-looking statement, except as required by law.
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