BEIJING, Dec. 16, 2015 /PRNewswire/ -- Xueda Education
Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national
provider of personalized tutoring services for primary and
secondary school students in China, announced today that, at an
extraordinary general meeting held today, the Company's
shareholders voted in favor of the proposal to authorize and
approve the previously announced agreement and plan of merger (the
"merger agreement") dated July 26,
2015 by and among the Company, Xiamen Insight Investment
Co., Ltd. ("Parent"), and Xueda Acquisition Limited ("Merger Sub"),
pursuant to which Merger Sub will be merged with and into the
Company, with the Company continuing as the surviving company as a
wholly-owned subsidiary of Parent after the merger (the "merger"),
and to authorize and approve and the transactions contemplated by
the merger agreement, including the merger.
Approximately 99% of the
Company's total outstanding ordinary shares (including ordinary
shares represented by the Company's American depositary shares
("ADSs")) voted in person or by
proxy at today's extraordinary general meeting. Of those ordinary
shares, approximately 99.9% were voted in favor of the proposal to
authorize and approve the merger agreement and the transactions
contemplated by the merger agreement, including the merger.
The parties currently expect to complete the merger in first
quarter 2016, subject to the satisfaction or waiver of the
conditions set forth in the merger agreement. Upon completion of
the merger, the merger will result in the Company becoming a
privately held company. Xueda's ADSs will no longer be listed
on the New York Stock Exchange, and the Xueda's ADS program will
terminate. In addition, Xueda's ADSs and ordinary shares
represented by the ADSs will cease to be registered under Section
12 of the Securities Exchange Act of 1934.
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider
of personalized tutoring services for primary and secondary school
students in China. For more
information about Xueda, please visit http://ir.xueda.com .
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
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 are based on our current expectations,
market and operating conditions, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," "targets" and similar expressions, and variations or
negatives of these words. These forward-looking statements are not
guarantees of future results and are subject to risks and
uncertainties beyond our control, which could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. Further information regarding these
and other risks, uncertainties or factors is included in our
filings with the U.S. Securities and Exchange Commission. We do not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
Contact:
Xueda Education Group
Ross Warner
Tel: +86-10-6427-8899 ext. 6619
Email: investor_relations@xueda.com
Asia Bridge Capital Limited
Wendy Sun
Tel: +86-10-8556-9033 (China)
+1-888-550-8392
(U.S.)
Email: wendy.sun@asiabridgegroup.com
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SOURCE Xueda Education Group