Brief: ATA announces receipt of preliminary non-binding proposal to acquire its unit

ATA Creativity Global

30/08/2017 13:05

Aug 30 (Reuters) - ATA Inc  ATAI.O  
    * ATA announces receipt of preliminary non-binding proposal 
to acquire its subsidiary, formation of special committee, and 
appointment of financial advisor and legal counsel 
    * ATA Inc - Kevin Xiaofeng has proposed to acquire 100% of 
ATA online's total equity interest for a total consideration of 
$150 million 
    * ATA Inc- Consideration is proposed to be paid in cash and 
will be financed through a combination of equity and debt 
finance 
    * ATA Inc - Special committee has retained Duff & Phelps as 
its financial advisor and Morgan in connection with review and 
evaluation of proposal 
    * ATA Inc - Kevin Xiaofeng MA, ATA's chairman and chief 
executive officer, has proposed to acquire 100 percent of ata 
online's total equity interest 
 
Source text for Eikon:  ID:nGNXODXNOa  
Further company coverage:  ATAI.O  
 
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