2021-11-15 05:13:02 TEDU Tarena
11/15/21 11/1505:13 11/15/2105:13 | Tarena, buyer group terminate plan of mergerTarena announced that the company and the buyer group consisting of Han Shaoyun, Ascendent Capital Partners, Kidedu Holdings, Kidarena Merger Sub, a wholly owned subsidiary of parent and Kidtech, a wholly owned subsidiary of Han Shaoyun, have mutually agreed to terminate the previously announced agreement and plan of merger, dated April 30. All parties have entered into a Termination and settlement agreement with respect to the mutual termination. The company and the buyer group parties were in disagreement on specific terms and conditions within the merger agreement. Subsequently, the company delivered a written notice to the buyer group parties on September 30, informing them of the company's intention to terminate the merger agreement. In order to resolve such differences, the parties engaged in discussions to proactively explore solutions. Ultimately, all parties mutually agreed to terminate the merger agreement and release the parties' obligations thereunder subject to the terms of the Termination Agreement. Pursuant to the termination agreement, in connection with the settlement and mutual termination, the buyer group parties will pay a settlement payment of $3.53M to the company by November 26. The merger agreement will be terminated upon receipt by the company of such payment in full within the aforementioned time period. |
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