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Slide #3. ChinaEdu Corporation — ChinaEdu Holdings Limited and ChinaEdu Merger Sub Limited
ChinaEdu Corporation (CEDU)
ChinaEdu Holdings Limited and ChinaEdu Merger Sub Limited
ChinaEdu Corporation (NASDAQ: CEDU) (the "Company"), a leading online educational services provider in China, today announced that the Company has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with ChinaEdu Holdings Limited ("Holdings") and ChinaEdu Merger Sub Limited ("Merger Sub"), pursuant to which Holdings will acquire the Company for US$2.33 per ordinary share or US$7.00 per American Depositary Share ("ADS), each representing three (3) ordinary shares. This represents a 19.9% premium over the closing price of $5.84 per ADS as quoted by NASDAQ on June 19, 2013, the last trading day prior to the Company's announcement on June 20, 2013 that it had received a "going private" proposal, and a premium of approximately 22% to the volume weighted average price of the Company's ADSs for the last 180 trading days.
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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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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