Brief: Ata Inc To Sell Its Wholly-Owned Subsidiary Ata Online

ATA Creativity Global

06/02/2018 11:00

Feb 6 (Reuters) - Ata Inc  ATAI.O : 
    * ATA ENTERS INTO DEFINITIVE AGREEMENT FOR THE SALE OF ITS 
WHOLLY-OWNED SUBSIDIARY ATA ONLINE 
    * ATA INC - DEAL FOR US$200 MILLION IN CASH 
    * ATA - HAS ENTERED INTO A SHARE PURCHASE AGREEMENT WITH A 
GROUP 
OF INVESTORS INCLUDING TWO ENTITIES AFFILIATED WITH FUNDS 
MANAGED BY CDH INVESTMENTS 
    * ATA - IF DEAL IS COMPLETED, CO WILL NO LONGER CONDUCT 
TESTING 
DEVELOPMENT & DELIVERY BUSINESS CURRENTLY OPERATED BY ATA ONLINE 
    * ATA INC - SPECIAL COMMITTEE UNANIMOUSLY RESOLVED TO 
APPROVE 
SHARE PURCHASE AGREEMENT AND TRANSACTION 
    * ATA - BOARD PRELIMINARILY APPROVED TO USE PORTION OF 
PROCEEDS 
FROM DEAL TO PAY CASH DIVIDEND TO SHAREHOLDERS 
    * ATA INC - SALE OF ATA ONLINE WILL NOT ALTER RIGHTS, 
PRIVILEGES 
OR NATURE OF ISSUED AND OUTSTANDING SHARES 
    * ATA INC - BOARD ACTING UPON UNANIMOUS RECOMMENDATION OF 
SPECIAL 
COMMITTEE, APPROVED DEAL, SHARE PURCHASE AGREEMENT AND RELATED 
TRANSACTION DOCUMENTS 
    * ATA INC - IF DEAL IS COMPLETED, ATA WILL NO LONGER CONDUCT 
TESTING DEVELOPMENT AND DELIVERY BUSINESS CURRENTLY OPERATED BY 
ATA ONLINE 
    * ATA INC - SHAREHOLDER WHO OWNS CO'S SHARES, ADSS 
IMMEDIATELY 
PRIOR TO CLOSING OF DEAL TO CONTINUE TO HOLD SAME NUMBER OF 
SHARES OR ADSS AFTER CLOSING 
 
Source text for Eikon:  ID:nGNXOOCASa  
Further company coverage:  ATAI.O  
 
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