Huiyan Yang and Meirong Yang entered into preliminary non-binding proposal to acquire remaining 21.94% stake in Bright Scholar Education Holdings Limited for $25.8 million.

Huiyan Yang and Meirong Yang entered into preliminary non-binding proposal to acquire remaining 21.94% stake in Bright Scholar Education Holdings Limited (NYSE:BEDU) for $25.8 million on April 29, 2022. As per the transaction, Huiyan Yang, and Meirong Yang will acquire all of the outstanding class A ordinary shares of Bright Scholar Education Holdings Limited, including class A Shares represented by american depositary shares, and class B ordinary shares of Bright Scholar Education Holdings Limited. The transaction is intended to be financed with a combination of debt and equity capital.

On May 6, 2022, the Board announced that it had formed a special committee consisting of three independent directors, Peter Andrew Schloss, Jun Zhao and Ronald J. Packard, to evaluate and consider the Proposal. Houlihan Lokey (China) Limited acted as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Bright Scholar Education Holdings Limited. Citigroup Global Markets Asia Limited acted as independent financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the Special Committee of Bright Scholar Education.