ChinaEdu Corporation Announces $40M Share Repurchase Program
ChinaEdu Corporation (NASDAQ: CEDU) today announced that the Company's board of directors has approved a share repurchase program.
Under the terms of the program, the Company is authorized, but not obligated, to repurchase up to US$40 million in aggregate amounts of its ADSs in the open market or through privately negotiated transactions. In privately negotiated transactions, the Company is authorized, but not limited, to reach agreements with each of the following shareholders: Columbia Pacific Advisors, LLC, Lake Union Capital Management, LLC and New Vernon Investment Management LLC to purchase at total of 5,175,456 ADSs at US$5.60 per share.
The method, timing and amount of any repurchase will depend on market conditions, the trading price of the ADSs and other factors. Such repurchases will be subject to, and executed in compliance with, relevant rules under United States securities regulations. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program will be funded with the Company's available working capital as well as bank loans.
Julia Huang, executive chairman commented, "The Company's management team, together with