New Oriental Education (EDU) Founder & Executive Chairman Michael Minhong Yu to Commence Max $30M ADS Buyback Over Next Three Months
New Oriental Education and Technology Group Inc. (NYSE: EDU) today announced that its founder and executive chairman Michael Minhong Yu has informed the Company of his intention to use his personal funds to purchase the Company's American depositary shares ("ADS") on the open market for an aggregate amount up to a maximum of US$30 million within the next three months. Mr. Yu has agreed not to sell any shares or ADS of the Company held by him or his affiliates for a period of six months commencing today.