February 6, 2018 / 11:17 AM / 4 months ago

BRIEF-Ata Inc To Sell Its Wholly-Owned Subsidiary Ata Online

Feb 6 (Reuters) - Ata Inc:

* 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: Further company coverage:

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