一场三年半的私有化拉锯战，博实乐大股东“收割”小股东

Core Viewpoint - The company, Boshile Education Holdings Limited, has signed a merger agreement with a buyer group, leading to its delisting from the New York Stock Exchange after a prolonged privatization effort lasting three and a half years [1][7]. Group 1: Privatization Attempts - Boshile's initial attempt at privatization was thwarted three years ago due to a low buyout offer of $0.83 per share, which was perceived as undervaluing the company and infringing on minority shareholders' interests [2][4][5]. - The company faced significant challenges following the implementation of the "Private Education Promotion Law" in China in 2021, which led to a drastic decline in its stock price from $10.5 to below $1, reaching a historical low of $0.5 [3][4]. - The current privatization proposal offers $2.30 per ADS (American Depositary Share), representing a 47.4% premium over the closing price on May 23, 2025, and utilizes a Cayman Islands short-form merger structure that minimizes minority shareholder involvement [7][8]. Group 2: Financial Performance - Boshile's revenue from fiscal year 2021 to 2024 showed a slight increase, with figures of 1.402 billion, 1.439 billion, 1.772 billion, and 1.755 billion RMB respectively, while the gross profit margin improved from 15.80% to 28.69% over the same period [8]. - Despite the company's improving fundamentals, its market capitalization of approximately $63.91 million is only about 25% of its revenue, indicating a significant undervaluation in the capital market [8]. Group 3: Shareholder Concerns - Minority shareholders express concerns that the current privatization deal undervalues the company, particularly in light of its growing overseas school business, and fear they will miss out on potential future gains if the company successfully transforms [8][9]. - The merger structure significantly reduces the bargaining power of minority shareholders, making it challenging for them to advocate for their interests [9].