China Stocks Alert: (Nasdaq:GEDU) Trades up over 96% on Merger Agreement With Pearson Plc at $11.006 Per ADS
POINT ROBERTS - November 21, 2011 - www.InvestorIdeas.com, a global investor research portal for independent investors specializing in sector research , issues an investor alert for China stock, Global Education & Technology Group Limited (Nasdaq:GEDU). The stock is trading up at 10.55, up 5.18 (96.46%) 1:29PM EST on merger news . The stock has traded as high as 10.70.
services in the People's Republic of China (the "PRC") for students who are working towards internationally-recognized English language assessments, today announced that it has entered into a definitive agreement and plan of merger with Pearson plc ("Pearson"), a global media and education company headquartered in London, United Kingdom, and a wholly owned indirect subsidiary of Pearson, pursuant to which Pearson would acquire all of the outstanding shares of the Company for a total value of approximately $294 million.
The Company's Board of Directors has approved the merger agreement with Pearson and recommends that the Company's shareholders vote to adopt the merger agreement. Under the terms of the merger agreement, each ordinary share of the Company (including shares represented by American Depositary Shares ("ADSs"), each of which represents four ordinary shares) issued and outstanding immediately prior to the effective time of the merger will be cancelled in exchange for the right to receive $2.7515 per ordinary share (or $11.006 per ADS) in cash without interest, except for the ordinary shares held by the Company as treasury shares which will be cancelled without receiving any consideration. The offer represents a 105% premium over the closing price as quoted by Bloomberg L.P. on November 18, 2011 and a 214% premium over the 30-day average price as quoted by Bloomberg L.P. on November 18, 2011, the last trading day prior to this announcement.
Global Education & Technology Group Limited (Nasdaq:GEDU) is the largest test preparation provider for IELTS and a leading provider of educational courses and related services in China. Under its "Global" brand, the Company also offers diversified services that span a student's educational life cycle, including after-school courses, overseas study consulting, and professional certification test preparation. As of June 30, 2011, the Company's network comprised 105 directly operated and 309 franchised learning centers across China, as well as an online course delivery platform with more than one million registered members. For more information, please visit www.gedu.org.
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