IR News｜News

 Tokyo, April 7, 2001 - Benesse Corporation (TSE: 9783) announced today that it has launched a tender offer to acquire all the outstanding common stock of Princeton-based Berlitz International, Inc. (NYSE: BTZ), at $14.50 per share. The total cash transaction is valued at approximately $37 million (4.6 billion yen), with a per-share price of $2.50 more than Benesse's original offer. Benesse agreed to increase its bid to meet the terms proposed by the Special Committee of Berlitz's independent directors. The Special Committee recommended a cash tender offer of $14.50 per share after deliberating upon the fairness of Benesse's original proposal of $12.00 per share, under which Berlitz would become its wholly-owned subsidiary.

Benesse and Benesse Holdings International, Inc. (BHI), the company's wholly-owned U.S. subsidiary, owned 73.17 % of the 9.5 million outstanding shares* of Berlitz stock before launching the tender offer. BHI began purchasing Berlitz shares on April 6 in New York for the agreed-upon price of $14.50 per share in cash. The offer continues through May 3, 2001, for minority shareholders of Berlitz's common stock.

* As of December 31, 2000, Berlitz International, Inc. reported issued shares of 9,546,536 on its Form 10-K filed with the SEC.