NEW YORK, Nov. 12 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's leading public school partner, announced that in a special
meeting held today, its shareholders approved a merger agreement to take the
Company private with a company formed by an affiliate of Liberty Partners, a
New York based private equity firm, and H. Christopher Whittle, Edison's
Founder and Chief Executive Officer.
With approximately 45.2 million votes cast in favor of the merger and 9.7
million votes cast against, over 80 percent of all votes cast supported the
merger to take the company private. Approximately 14 million votes were not
cast. The final percentage of outstanding votes cast in favor of the merger
was 65.7 percent.
"Today's vote is an important step in an exciting new chapter in Edison's
history," said Mr. Whittle. "As we return to being a private company,
Edison's mission -- to help our partners provide a world-class education to
every child we serve -- remains unchanged. We will continue to partner with
school districts, charter boards, public school teachers, and community
organizations to raise student achievement through schools and programs."
Whittle added, "We look forward to focusing our energy and resources on
helping our partners, students, and schools to achieve even greater academic
excellence."
About Edison Schools
Founded in 1992, Edison partners with school districts, charter boards,
and community groups to raise student achievement through its research-based
school design, aligned assessment systems, interactive professional
development, integrated use of technology and other proven program features.
Edison students are achieving annual academic gains well above national norms.
Edison Schools now serves more than 132,000 public school students in over 20
states through four different business channels: (1) the management of schools
for school districts, (2) charter schools, (3) summer and after-school
programs, and (4) achievement management solutions for school systems. The
Company operates 130 full-year schools and 200 summer schools.
Between 1992 and 1995 and in ongoing efforts, Edison's team of educators and
scholars conducted research to develop its school design and support systems.
Edison opened its first four schools in August 1995 and has grown in every
subsequent year. For more information, please visit http://www.edisonschools.com.
Any statements in this press release and any other press release issued by
Edison on or about the date hereof about future expectations, plans and
prospects for Edison, including statements containing the words "believes,"
"anticipates," "plans," "expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of various
important factors, including the risk factors discussed in our most recent
quarterly report filed with the SEC. The forward-looking statements included
in this press release represent Edison's estimates as of November 12, 2003.
Edison anticipates that subsequent events and developments will cause its
estimates to change. While Edison may elect to update these forward-looking
statements at some point in the future, Edison specifically disclaims any
obligation to do so. These forward-looking statements should not be relied
upon as representing Edison's estimates or views as of any date subsequent to
SOURCE Edison Schools
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP, Communications,
+1-212-419-1602, for Edison Schools
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