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Shareholders offer to take China's Noah Education private

Tuesday, 24 Dec 2013 | 8:55 AM ET

Dec 24 (Reuters) - Chinese education company Noah Education Holdings Ltd said it received an offer from some shareholders to take the company private for about $105 million.

A consortium of shareholders, including MSPEA Education Holding, an affiliate of Morgan Stanley's Asia private equity arm, offered $2.80 per American Depositary Share, representing a premium of about 24 percent to the stock's Monday close.

Noah Education's shares rose 18 percent to trade at $2.65 before the bell on Tuesday. The stock has lost about 90 percent of its value since its debut in Oct 2007.

The consortium plans to form an acquisition company for the transaction and finance the deal with equity capital, Noah Education said on Tuesday.

The company said its board had formed a special committee of four independent directors to consider the proposal.

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