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EXHIBIT 99.4
EDISON SCHOOLS ANNOUNCES PROPOSED PUBLIC OFFERING
NEW YORK, NY, June 16, 2000 -- Edison Schools Inc. ("Edison") today announced
that it has filed a registration statement on Form S-1 with the Securities and
Exchange Commission relating to a public offering of its shares of class A
common stock. The class A common stock to be offered will consist of 2,500,000
shares to be issued by Edison and 2,500,000 shares to be sold by certain
stockholders of Edison. Edison will not receive any proceeds from the sale of
shares by the selling stockholders.
Certain stockholders of Edison will also grant the underwriters an
over-allotment option to purchase up to 750,000 shares of class A common stock.
The offering is being managed by Merrill Lynch & Co., Banc of America Securities
LLC, Credit Suisse First Boston Corporation, Donaldson, Lufkin & Jenrette
Securities Corporation and J.P. Morgan & Co.
Edison is the nation's largest private operator of public schools serving
students from kindergarten through 12th grade. Edison managed 79 public schools
with a total enrollment of approximately 37,500 students in 16 states and the
District of Columbia in the 1999-2000 school year. Through contracts with local
school districts and public charter school boards, Edison assumes educational
and operational responsibility for individual schools in return for per-pupil
funding that is generally comparable to that spent on other public schools in
the area. Over the course of three years of intensive research, Edison's team of
leading educators and scholars developed an innovative, research-backed
curriculum and school design. Edison opened its first four schools in August
1995, and has grown rapidly every subsequent year.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. An offering of class A common
stock, if made, will only be made by means of a prospectus.
A copy of the preliminary prospectus may be obtained when it becomes available
from the office of Merrill Lynch, at World Financial Center, North Tower, 250
Vesey Street, New York, NY 10281, (212) 449-1000.
