NEW YORK (AP) -- Online educational services provider ChinaEdu said Thursday that it has received an offer to be taken private from its CEO and executive chairman that values the entire company at approximately $128.8 million.
The offer from CEO Shawn Ding and Executive Chairman Julia Huang is for $7 per American depositary share. This is a 20 percent premium to ChinaEdu Corp.'s Wednesday closing price of $5.84.
The Chinese company currently has about 18.4 million outstanding shares, according to FactSet.
ChinaEdu said that the proposal letter says the potential buyers are in talks with one or more banks that have expressed interest in financing the potential transaction.
ChinaEdu's board plans to create a special committee to assess the proposal.