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ATA (ATAI), a China-based provider of computer-based testing services, said Tuesday it entered into a non-binding agreement to acquire Beijing Huanqiuyimeng Education Consultation, a provider of services for Chinese students applying to study art overseas.
ATA traded up 24.5% pre-market Wednesday following a 107.8% surge on Tuesday.
Under the preliminary agreement, Beijing Huanqiuyimeng and its major shareholders, including its founder, will negotiate exclusively with ATA until June 30. ATA will pay a deposit of RMB20 million ($2.98 million) to certain major shareholders of Beijing Huanqiuyimeng that shareholders will retain if the acquisition is not completed by June 30, due to factors attributable to ATA.
If the deal is not completed due to reasons attributable to Beijing Huanqiuyimeng or its major shareholders, the deposit will be returned to ATA, which will also be entitled to damages of the same amount, the companies said.
ATA said it will provide additional detail on the transaction as it proceeds with its due diligence process.