ChinaEdu Corporation Buyback
OLI recorded this information on 2/6/2013
Company:
ChinaEdu Corporation
Buyback:
CEDU buyback
Share Amount Authorized:
6,479,454
Average Price:
$5.60
Buyback Details:
ChinaEdu Corporation, a leading online educational services provider in China, announced that it has completed privately negotiated transactions with Columbia Pacific Advisors, LLC, Lake Union Capital Management, LLC, New Vernon Investment Management LLC and associates, HC PRCEDU LLC, Pretty Wisdom Management Ltd. and J. Steven Emerson. In aggregate, the Company repurchased 5,467,902 American Depositary Shares ("ADSs"), each representing three (3) ordinary shares of ChinaEdu, at a purchase price of $5.60 per ADS (or $1.87 per ordinary share). The Company also completed privately negotiated transactions with Bessemer Venture Partners VI Institutional L.P., Bessemer Venture Co-Investment L.P. and Bessemer Venture Partners VI L.P., repurchasing 2,202,709 ordinary shares (equivalent of 734,236 ADSs) at a purchase price of $1.87 per ordinary share (equivalent to $5.60 per ADS). In addition to the above privately negotiated transactions, the Company also repurchased 277,316 ADSs from the open market at $5.60 per ADS. The total purchase price of these share repurchases was approximately $36.3 million, which was financed by a bank loan and the Company's own capital. The shares repurchased by the Company represented approximately 36% of the Company's total ordinary shares issued and outstanding.
ChinaEdu is a holding company. Through its subsidiaries, Co. provides comprehensive services to the online degree programs of Chinese universities. These services include academic program development, technology services, enrollment marketing, recruiting, student support services and finance operations. Co.'s other lines of businesses include online tutoring services, the operation of private primary and secondary schools, and marketing and support for international and elite curriculum programs. Co. has strategic relationships with 38 universities, 13 of which are under long-term contracts that generally vary from 15 to 50 years in length.
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
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