Bright Scholar Announces Appointment of Independent Financial Advisor and Legal Counsel to the Special Committee

Rhea-AI Summary

Bright Scholar Education Holdings Limited (NYSE: BEDU) announced the formation of a Special Committee to evaluate a previously received acquisition proposal dated April 29, 2022. The Committee has engaged Citigroup Global Markets Asia Limited as its independent financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel. The Board advises shareholders that no decisions regarding the acquisition have been made, and there is no assurance that a definitive offer will materialize or be approved.

Positive

• Engagement of Citigroup Global Markets Asia Limited as an independent financial advisor.
• Use of reputable legal counsel, Skadden, Arps, Slate, Meagher & Flom LLP, for the evaluation process.

Negative

• No guarantees of a definitive offer or agreement related to the acquisition proposal.
• Shareholder uncertainty due to lack of decisions on the acquisition process.

FOSHAN, China, July 21, 2022 /PRNewswire/ -- Bright Scholar Education Holdings Limited ("Bright Scholar" or the "Company") (NYSE: BEDU), a global premier education service company, today announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board"), formed to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated April 29, 2022 (the "Proposal") or any alternative strategic option that the Company may pursue, has retained Citigroup Global Markets Asia Limited as independent financial advisor to the Special Committee and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to the Special Committee to assist it in this process.

The Special Committee is continuing its review and evaluation of the Proposal and any alternative strategic options that the Company may pursue. The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal, or that the transaction contemplated by the Proposal or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service company, which primarily provides quality international education to global students and equip them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China.

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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
GCM Strategic Communications
Email: BEDU.IR@gcm.international

Media Contact:
Email: media@brightscholar.com 
Phone: +86-757-6683-2507

 

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SOURCE Bright Scholar Education Holdings Ltd.

FAQ

What is the latest update on Bright Scholar's acquisition proposal dated April 29, 2022?

Bright Scholar's Special Committee is reviewing the acquisition proposal and has engaged independent financial and legal advisors to assist in the evaluation.

What advisors has Bright Scholar appointed for the acquisition proposal?

Bright Scholar has appointed Citigroup Global Markets Asia Limited as a financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.

Is there any assurance that Bright Scholar will proceed with the acquisition?

No, there is no assurance that a definitive offer will be made or that any agreement will be executed.