WASHINGTON--(BUSINESS WIRE)--August 2, 2000--Kaplan, Inc., a wholly-owned subsidiary of The Washington Post Company (NYSE: WPO), announced today that it has completed the merger of Quest Education Corporation (NASDAQ: QEDC) with a wholly-owned subsidiary of Kaplan.
The merger, effective yesterday, was the second step in a two-step acquisition. The first step, a cash tender offer for all the outstanding shares of Quest Education at $18.35 per share, expired on July 26, 2000. As a result of the merger, Quest Education is now a wholly-owned subsidiary of Kaplan. The merger results in the automatic conversion, subject to appraisal rights, of the remaining Quest Education shares into the right to receive $18.35 per former Quest Education share.
Headquartered in Atlanta, Quest currently serves more than 13,400 students in 30 schools located in 11 states. The schools offer bachelor degrees, associate degrees, and diploma programs designed to provide students with the knowledge and skills necessary to qualify them for entry-level employment, primarily in the fields of health care, business, and information technology. Its programs cover ten of the 15 fastest growing occupations (measured by percentage growth from 1994 through 2005), as projected by the U.S. Department of Labor.
Kaplan, Inc. (www.kaplan.com) is a premier provider of educational and career services for individuals, schools, and businesses. Kaplan offers test prep and admissions services (www.kaptest.com); K-12 educational programs for kids and parents through SCORE! Learning, Inc., and eSCORE.com; on-site education and professional development at schools and universities; books and software; professional education services; and an extensive array of distance learning programs (www.KaplanCollege.com). Kaplan is also the largest shareholder in BrassRing, Inc. (www.BrassRing.com), the business-to-business recruitment and hiring company that helps employers find and hire the right candidates faster.
CONTACT: Kaplan, Inc.
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