Arco Provides Update Related to the Non-Binding Proposal
01 May 2023 - 10:53PM
Business Wire
Arco Platform Limited, or “Arco” or “Company” (Nasdaq:
ARCE), today announced that the special committee of the board
of directors (the “Special Committee”) received a revised
non-binding proposal from General Atlantic L.P. (“General
Atlantic”) and Dragoneer Investment Group, LLC (“Dragoneer”) to
acquire all of the outstanding Class A common shares of the Company
that are not held by such parties or Oto Brasil de Sá Cavalcante
and Ari de Sá Cavalcante Neto or their respective affiliates at a
price of $13.00 per share in cash. Based on recent discussions
between the Special Committee and General Atlantic and Dragoneer,
the Special Committee has agreed to negotiate definitive agreements
with respect to a potential transaction. However, no agreement has
been reached as to the terms of a potential transaction and there
can be no assurance that a transaction will be approved at any time
or as to the price or other terms of any such transaction.
About Arco Platform Limited (Nasdaq: ARCE)
Arco has empowered hundreds of thousands of students to rewrite
their futures through education. Our data-driven learning
methodology, proprietary adaptable curriculum, interactive hybrid
content, and high-quality pedagogical services allow students to
personalize their learning experience while enabling schools to
thrive.
Forward-Looking Statements
This press release contains forward-looking statements
pertaining to the Company within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, the Company’s expectations or predictions of future
financial or business performance and the approval and consummation
of the transaction related to the Proposal or any alternative
transaction. The successful achievement of the matters covered by
statements herein involves substantial known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, the
Company’s results could differ materially from the results
expressed or implied by such statements. You should not rely upon
forward-looking statements as predictions of future events.
Forward-looking statements are made on the basis of the Company’s
current expectations and projections relating to its financial
conditions, result of operations, plans, objectives, future
performance and business, and these statements are not guarantees
of future performance. Forward-looking statements represent the
Company management’s beliefs and assumptions only as of the date
such statements are made, and the Company undertakes no obligation
to update any forward-looking statements made in this press release
to reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.
Further information on these and other factors is included in
filings the Company makes with the Securities and Exchange
Commission from time to time, including the section titled “Risk
Factors” in the Company’s most recent Forms 20-F and 6-K. These
documents are available on the SEC Filings section of the Investor
Relations section of the Company’s website at:
https://investor.arcoplatform.com/.
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Investor Relations Contact Arco Platform Limited
IR@arcoeducacao.com.br https://investor.arcoplatform.com/
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