Ambow Education Gets $10 Mln Acquisition Proposal For Its Chinese Business; CFO Resigns

(RTTNews) - Ambow Education Holding Ltd. (AMBO), a Chinese educational and career services firm, said on Tuesday that it has received a preliminary non-binding proposal from Clover Wealth Limited to acquire its business assets in China, for around $10 million.

Jin Huang, CEO of Ambow said: "Disposing of our assets in China gains us more resources and agility as we advance our U.S. business, namely our two recently acquired for profit colleges, and our advanced open platform technology."

Ambow is evaluating the offer and has plans to appoint a third parry to assess the business assets valuation, which excludes the company's business assets in the U.S. In addition, the company has announced that its Chief Financial Officer KJ Tan has resigned, with effect from September 19.

The company has named Huang as Acting CFO until it finds a suitable candidate to succeed Tan.