DEVRY EDUCATION GROUP INC. (NYSE:DV) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement. |
On December 8, 2016, DeVry Education Group Inc. (DeVry Group)
entered into a letter agreement (the Letter Agreement) with
Michael W. Malafronte and International Value Advisers, LLC,
relating to the Support Agreement (the Support Agreement)
previously entered into on June 29, 2016 by and among DeVry
Group, International Value Advisers, LLC and affiliated parties
listed therein (collectively, IVA), and Michael W. Malafronte, in
his individual capacity and as a member of IVA. In particular,
the Support Agreement provides that Mr. Malafrontes resignation
from the board of directors of DeVry Group shall become effective
in the event IVA and IVA Affiliates (as defined in the Support
Agreement) ceases collectively to beneficially own or have other
ownership interest in aggregate Net Long Positions (as defined
under the Support Agreement) of at least 10% of the outstanding
shares of DeVry Group common stock (the 10% Ownership
Requirement). to the Letter Agreement, DeVry Group has agreed
that Mr. Malafronte may remain a member of the board of directors
for the duration of his term ending at the 2017 annual meeting of
shareholders even if the 10% Ownership Requirement is not
otherwise met during such term.
The foregoing description of certain terms contained in the
Letter Agreement does not purport to be complete and is qualified
in its entirety by reference to the copy of the Letter Agreement
filed as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits |
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10.1 |
Letter Agreement dated December 8, 2016. |
About DEVRY EDUCATION GROUP INC. (NYSE:DV)
DeVry Education Group Inc. (DeVry Group) is a global provider of educational services. DeVry Group’s focuses on empowering its students to achieve their educational and career goals. DeVry Group’s institutions offer a range of programs in healthcare, technology, business, accounting, finance and law. The Company operates in three segments: Medical and Healthcare; International and Professional Education, and Business, Technology and Management. Medical and Healthcare includes DeVry Medical International (DMI), Chamberlain College of Nursing (Chamberlain) and Carrington College (Carrington). International and Professional Education consists of DeVry Brasil and Becker Professional Education (Becker). Business, Technology and Management consists of DeVry University. As of June 30, 2016, DMI operated three institutions: American University of the Caribbean School of Medicine (AUC), Ross University School of Medicine (RUSM) and Ross University School of Veterinary Medicine (RUSVM). DEVRY EDUCATION GROUP INC. (NYSE:DV) Recent Trading Information
DEVRY EDUCATION GROUP INC. (NYSE:DV) closed its last trading session down -0.60 at 31.30 with 557,533 shares trading hands.