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BRIEF-ATA announces receipt of preliminary non-binding proposal to acquire its unit
August 30, 2017 / 12:19 PM / a month ago

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

Aug 30 (Reuters) - ATA Inc

* 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: Further company coverage:

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