0001193125-13-109285.txt : 20130315 0001193125-13-109285.hdr.sgml : 20130315 20130315114624 ACCESSION NUMBER: 0001193125-13-109285 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20130315 DATE AS OF CHANGE: 20130315 GROUP MEMBERS: BARING ASIA PRIVATE EQUITY FUND V, L.P. GROUP MEMBERS: BARING PRIVATE EQUITY ASIA GP V LTD GROUP MEMBERS: BARING PRIVATE EQUITY ASIA GP V, L.P. GROUP MEMBERS: BARING PRIVATE EQUITY ASIA V HOLDING (4) LTD GROUP MEMBERS: CAMPUS HOLDINGS LTD GROUP MEMBERS: JEAN ERIC SALATA SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Ambow Education Holding Ltd. CENTRAL INDEX KEY: 0001494558 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-85611 FILM NUMBER: 13692858 BUSINESS ADDRESS: STREET 1: 18 FL. BLDG. A, CHENJIAN PLAZA, NO. 18 STREET 2: BEITAIPING ZHUANG RD. CITY: BEIJING STATE: F4 ZIP: 100088 BUSINESS PHONE: 86 (10) 6206-8000 MAIL ADDRESS: STREET 1: 18 FL. BLDG. A, CHENJIAN PLAZA, NO. 18 STREET 2: BEITAIPING ZHUANG RD. CITY: BEIJING STATE: F4 ZIP: 100088 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Baring Asia Private Equity Fund V Co-Investment L.P. CENTRAL INDEX KEY: 0001511281 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: UGLAND HOUSE CITY: GRAND CAYMAN STATE: E9 ZIP: KY1-1104 BUSINESS PHONE: 852-2843-9318 MAIL ADDRESS: STREET 1: UGLAND HOUSE CITY: GRAND CAYMAN STATE: E9 ZIP: KY1-1104 SC 13D/A 1 d504874dsc13da.htm SCHEDULE 13D AMENDMENT NO.3 SCHEDULE 13D AMENDMENT NO.3

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

UNDER THE SECURITIES EXCHANGE ACT OF 1934*

(Amendment No. 3)

 

 

Ambow Education Holding Ltd.

(Name of Issuer)

 

 

Class A Ordinary Shares & American Depositary Shares (ADS)**

(Title of Class of Securities)

02322P101

(CUSIP Number)

Rajindar Singh

Baring Private Equity Asia V Holding (4) Limited

112 Robinson Road #11-03

Singapore 069802

(65) 6593-3710

 

 

with copies to:

Patrick Cordes

Baring Private Equity Asia Limited

3801 Two International Finance Centre

8 Finance Street

Central, Hong Kong

(Facsimile) (852) 2843-9372

Akiko Mikumo

Weil, Gotshal & Manges LLP

29/F, Alexandra House

18 Chater Road, Central

Hong Kong

(852) 3476-9000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 15, 2013

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ¨

 

 

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

** Each American Depositary Share represents two (2) Class A Ordinary Shares, par value US$0.0001 per share.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

Baring Private Equity Asia V Holding (4) Limited

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    WC

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    British Virgin Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    2,884,0801

     8   

SHARED VOTING POWER

 

    0

     9   

SOLE DISPOSITIVE POWER

 

    2,884,0801

   10   

SHARED DISPOSITIVE POWER

 

    0

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    2,884,0802

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    1.9%3

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    CO

 

 

1 

All such shares are directly owned by Baring Private Equity Asia V Holding (4) Limited.

2 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

3 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

2

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

Campus Holdings Limited

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    WC

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    British Virgin Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    11,944,6001

     8   

SHARED VOTING POWER

 

    0

     9   

SOLE DISPOSITIVE POWER

 

    11,944,6001

   10   

SHARED DISPOSITIVE POWER

 

    0

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    11,944,6002

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    8.1%3

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    CO

 

 

1 

All such shares are directly owned by Campus Holdings Limited.

2 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

3 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

3

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

The Baring Asia Private Equity Fund V, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    14,828,680

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    14,828,680

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    14,828,6801

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.0%2

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    PN

 

 

1 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

2 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

4

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

The Baring Asia Private Equity Fund V Co-Investment L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    14,828,680

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    14,828,680

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    14,828,6801

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.0%2

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    PN

 

 

1 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

2 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

5

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

Baring Private Equity Asia GP V, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    14,828,680

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    14,828,680

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    14,828,6801

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.0%2

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    PN

 

 

1 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

2 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

6

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

Baring Private Equity Asia GP V Limited

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    14,828,680

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    14,828,680

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    14,828,6801

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.0%2

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    CO

 

 

1 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

2 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

7

SCHEDULE 13D

 

CUSIP No. 02322P101  

 

  1   

NAME OF REPORTING PERSON

 

Jean Eric Salata

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Chile

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    14,828,680

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    14,828,680

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    14,828,6801

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.0%2

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

    IN

 

 

1 

Represents aggregate amount of Class A Ordinary Shares beneficially owned by each Reporting Person assuming each ADS represents two Class A Ordinary Shares.

2 

Assumes conversion of all Class B Ordinary Shares into the same number of Class A Ordinary Shares.

 

8

Item 1. Security and Issuer

This statement constitutes Amendment No. 3 (this Amendment) to the Schedule 13D relating to the Class A Ordinary Shares, par value US$0.0001 (Class A Shares) and the American depositary shares (ADSs) of Ambow Education Holding Ltd. (the Issuer), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission (the SEC) on November 15, 2011, as amended by Amendment No.1 filed with the SEC on December 5, 2011 and Amendment No. 2 filed with the SEC on March 19, 2012 (the Schedule 13D), on behalf of Baring Private Equity Asia V Holding (4) Limited, Campus Holdings Limited, The Baring Asia Private Equity Fund V, L.P., The Baring Asia Private Equity Fund V Co-Investment L.P., Baring Private Equity Asia GP V, L.P., Baring Private Equity Asia GP V Limited and Jean Eric Salata (the Reporting Persons), to furnish the additional information set forth herein. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.

Item 3. Source and Amount of Funds or Other Consideration

Item 3 of the Schedule 13D is hereby supplemented by adding the following:

The Reporting Persons intend to finance the Proposed Transaction (as defined below) with equity financing from the Reporting Persons or their affiliates and anticipate that approximately $98 million will be expended in the Proposed Transaction.

Item 4 of this Amendment is incorporated herein by reference.

Item 4. Purpose of the Transaction

Item 4 of the Schedule 13D is hereby supplemented by adding the following:

On March 15, 2013, Baring LP submitted a nonbinding proposal (the Proposal) to the Issuer’s board of directors (the Board) proposing to acquire all of the Issuer’s outstanding ADSs (each representing two Class A Shares) and ordinary shares not owned by the Reporting Persons and their affiliates at a purchase price in cash of $1.46 per ADS and $0.73 per ordinary share (the Proposed Transaction). The Reporting Persons intend to finance the Proposed Transaction with equity financing from themselves or their affiliates. The Proposal also provides that, among other things, the Reporting Persons are prepared to (a) conduct customary legal, financial, operational, accounting and regulatory due diligence on the Issuer and (b) negotiate and execute definitive agreements in respect of the Proposed Transaction.

The information set forth in this Item 4 is qualified in its entirety by reference to the Proposal, which is filed herewith as Exhibit 7.06 and which is incorporated by reference in its entirety into this Item 4.

If the Proposed Transaction is consummated, the ADSs will no longer be traded on the New York Stock Exchange and the registration of the ADSs under Section 12 of the Securities Act will be terminated. In addition, consummation of the Proposed Transaction could result in one or more of the actions specified in clauses (a)-(j) of Item 4 of Schedule 13D, including the acquisition or disposition of securities of the Issuer, a merger or other extraordinary transaction involving the Issuer, a change to the Board (as the surviving company in the merger) to consist solely of persons to be designated by the Reporting Persons, and a change in the Issuer’s memorandum and articles of association to reflect that the Issuer would become a privately held company.

No assurance can be given that any proposal, any definitive agreement or any transaction relating to the Proposed Transaction will be entered into or consummated. The Proposal provides that no binding obligation on the part of the Issuer or Baring LP shall arise with respect to the Proposed Transaction unless and until definitive agreements have been executed.

 

9

Item 5. Interest in Securities of the Issuer

Subsection (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and restated in their entirety as follows:

(a) and (b) Baring (4) directly owns 2,884,080 Class A Shares, which represents approximately 1.9% of the outstanding Class A Shares of the Issuer and has sole voting power and sole disposition power with respect to such shares. Campus directly owns 11,944,600 Class A Shares, which represents approximately 8.1% of the outstanding Class A Shares of the Issuer and has sole voting power and sole disposition power with respect to such shares. Baring LP and Baring Co as the joint shareholders of Baring (4) and Campus, may be deemed to have acquired beneficial ownership of an aggregate of 14,828,680 Class A Shares, consisting of 2,884,080 Class A Shares owned by Baring (4) and 11,944,600 Class A Shares owned by Campus, which represents in the aggregate approximately 10.0% of the outstanding Class A Shares of the Issuer, and have shared voting power and shared disposition power with respect to such shares. Baring Limited, as the general partner of Baring GP, and Baring GP, which in turn acts as the general partner of Baring LP and Baring Co, each may be deemed to have acquired beneficial ownership of an aggregate of 14,828,680 Class A Shares, consisting of 2,884,080 Class A Shares owned by Baring (4) and 11,944,600 Class A Shares owned by Campus, which represents in the aggregate approximately 10.0% of the outstanding Class A Shares of the Issuer, and have shared voting power and shared disposition power with respect to such shares. Jean Eric Salata, as the sole shareholder of Baring Limited may be deemed to have acquired beneficial ownership of an aggregate of 14,828,680 Class A Shares, consisting of 2,884,080 Class A Shares owned by Baring (4) and 11,944,600 Class A Shares owned by Campus, which represents in the aggregate approximately 10.0% of the outstanding Class A Shares of the Issuer, and has shared voting power and shared disposition power with respect to such shares. Jean Eric Salata disclaims beneficial ownership of the Class A shares owned by Baring (4) and Campus except to the extent of his economic interest.

Pursuant to Rule 13d-3(d)(1), all outstanding Class B Shares (which are convertible into Class A Shares) were deemed to be converted for the purposes of calculating the total amount of outstanding Class A Shares and percentages of the Class A Shares owned by such person. Consequently, all Class A Share amounts and percentages have been determined by including the outstanding Class B Shares.

The Cover Pages of this Amendment are incorporated herein by reference.

(c) There have been no transactions effected in the Class A Shares during the 60 days preceding the date of this Amendment by any of the Reporting Persons.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company

Item 6 of the Schedule 13D is hereby supplemented by adding the following:

Items 3 and 4 of this Amendment are incorporated herein by reference.

Item 7. Material to be Filed as Exhibits

Item 7 of the Schedule 13D is hereby supplemented by adding the following exhibit:

 

Exhibit 7.06    Proposal to the Board of Directors of Ambow Education Holding Ltd., dated March 15, 2013

 

10

SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certifies that the information set forth in this statement is true, complete and correct.

Dated: March 15, 2013

 

Baring Private Equity Asia V Holding (4) Limited
By:  

/S/ Rajindar Singh

Name:   Rajindar Singh
Title:   Director
Campus Holdings Limited
By:  

/s/ Rajindar Singh

Name:   Rajindar Singh
Title:   Director
The Baring Asia Private Equity Fund V, L.P.
By: Baring Private Equity Asia GP V, L.P. acting as its general partner
By: Baring Private Equity Asia GP V Limited acting as its general partner
By:  

/s/ Christian Wang

Name:   Christian Wang
Title:   Director
The Baring Asia Private Equity Fund V Co-Investment L.P.
By: Baring Private Equity Asia GP V, L.P. acting as its general partner
By: Baring Private Equity Asia GP V Limited acting as its general partner
By:  

/s/ Christian Wang

Name:   Christian Wang
Title:   Director
Baring Private Equity Asia GP V, L.P.
By:  

/s/ Christian Wang

Name:   Christian Wang
Title:   Director
Baring Private Equity Asia GP V Limited
By:  

/s/ Ramesh Awatersing

Name:   Ramesh Awatersing
Title:   Director

/S/ Jean Eric Salata

Jean Eric Salata

 

11

EX-7.06 2 d504874dex706.htm EX-7.06 EX-7.06

Exhibit 7.06

 

LOGO

March 15, 2013

The Board of Directors

Ambow Education Holding Ltd.

18th Floor, Building A, Chengjian Plaza

No. 18 Bei Tai Ping Zhuang Road, Haidian District

Beijing 100088 People’s Republic of China

Ladies and Gentlemen:

On behalf of The Baring Asia Private Equity Fund V, L.P. (the “Fund”), I am pleased to submit the enclosed proposal for the Fund to acquire Ambow Education Holding Ltd. (the “Company”).

As you know, the Fund has been a substantial investor in the Company for more than one year and we have supported the Company’s vision to create the leading education, tutoring and training company in China. However, the Company’s hard work has unfortunately not been reflected in the trading price and liquidity of its securities.

The Company is facing difficult challenges in the current market that we believe can be better addressed as a private company without the pressures of being publicly listed in the US. In this effort, we would welcome the ongoing participation of class B shareholders in the Company after completion of the acquisition. We also believe that our support will give employees a strong incentive to continue their careers with the Company.

Under current circumstances, we believe the Fund’s proposal represents the most attractive alternative for the Company’s public shareholders to realize the value of their investment at a premium of 44.5% to the most recent closing price.

We believe that the interests of shareholders would be best served by promptly considering the Fund’s proposal and granting further access to develop a binding offer for the acquisition.

 

Sincerely,

/s/ Jean Eric Salata

Jean Eric Salata

Chief Executive Officer

Suite 3801, Two International Finance Centre, 8 Finance Street, Central, Hong Kong

March 15, 2013

The Board of Directors

Ambow Education Holding Ltd.

18th Floor, Building A, Chengjian Plaza

No. 18 Bei Tai Ping Zhuang Road, Haidian District

Beijing 100088 People’s Republic of China

Ladies and Gentlemen:

The Baring Asia Private Equity Fund V, L.P. (“Baring”) hereby submits this non-binding proposal (the “Proposal”) for the acquisition by merger of Ambow Education Holding Ltd. (the “Company”) in a going private transaction (the “Transaction”).

Based on our preliminary review of publicly-available information, we propose to acquire the outstanding securities of the Company for a purchase price (the “Purchase Price”) of US$1.46 for each American Depositary Share of the Company (the “ADSs”, each representing two Class A ordinary shares of the Company) and US$0.73 for each Class A and Class B ordinary share of the Company. The Purchase Price represents a 10% premium over the 30-day volume-weighted moving average price and a 44.5% premium over yesterday’s closing price of US$1.01.

The Company is facing difficult challenges in the current market that we believe can be better addressed as a private company without the pressures of being publicly-listed in the US. In this effort, we would welcome the ongoing participation of Class B shareholders in the Company after completion of the acquisition. We also believe that our support will give employees a strong incentive to continue their careers with the Company.

 

  1. Structure. Baring would contribute its ADSs and shares in the Company to a special purpose company (the “Acquisition Company”) that would be formed for the Transaction. The Transaction would be completed by merging a wholly-owned subsidiary of the Acquisition Company with the Company. In the merger, ADSs and ordinary shares of the Company not held by the Acquisition Company would be converted into the Purchase Price in cash as described above.

 

  2. Class B Ordinary Shareholders. Baring welcomes the continued participation of the existing Class B shareholders in the Company. Accordingly, Baring intends to offer qualified Class B shareholders an opportunity to remain as shareholders after the Transaction by agreeing, prior to the execution of the Definitive Agreements (as defined below), to contribute all or any portion of their shares to the Acquisition Company on the same terms as Baring contributes its shares.

 

  3. Funding. Our Proposal is not contingent on any debt financing. We are able to finance the Transaction with equity capital from Baring.

Ambow Education Holding Ltd.

March 15, 2013

Page 2

 

  4. Due Diligence. We are ready to move expeditiously to complete the Transaction as soon as practicable and believe that, with the full cooperation of the Company, we can complete customary legal, financial, operational, accounting and regulatory due diligence within approximately 90 days after the date that we are provided access to the necessary documentation and personnel. In connection with our due diligence, a customary confidentiality agreement executed by Baring is enclosed.

 

  5. Definitive Agreements. We are prepared to promptly negotiate and finalize definitive agreements (the “Definitive Agreements”) in respect of the Transaction. These agreements will include representations, warranties, covenants and conditions which are typical, customary and appropriate for transactions of this type.

 

  6. Disclosure. As required by law, Baring will promptly file an amendment to its Schedule 13D to disclose the Proposal and this letter.

 

  7. About Baring. Baring is part of the Baring Private Equity Asia group (“Baring Asia”), a private equity fund family with more than US$5 billion of committed funds under management. Baring Asia provides capital for expansion, refinancing and buyout of mid-market growth companies with enterprise values from US$100 million to US$1 billion. Baring Asia has been investing in Asia since 1997 and today has 38 active portfolio companies.

 

  8. No Binding Commitment. This letter constitutes only a preliminary indication of interest and does not constitute an offer capable of acceptance or any binding commitment with respect to the Transaction. A binding commitment will result only from the execution of Definitive Agreements, and then will be on terms and conditions provided in such documentation.

Under current circumstances, we believe our Proposal represents the most attractive alternative for the Company’s public shareholders to realize the value of their investment at a premium to the most recent closing price.

We believe that the interests of the Company’s shareholders would be best served by the Board of Directors promptly considering the Proposal and granting further access to due diligence in order for us to develop a binding offer for the Transaction.

Ambow Education Holding Ltd.

March 15, 2013

Page 3

 

In closing, we would like to express our commitment to working together to bring the Transaction to a successful and timely conclusion. We look forward to hearing from you.

Very truly yours,

The Baring Asia Private Equity Fund V, L.P.

 

By:  

/S/ Christian Wang

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