On October 27, 2025, Chegg announced that its Board of Directors had unanimously concluded the strategic review without a sale. According to the press release filed as Exhibit 99.01 to the company's Form 8-K dated October 27, 2025, "Chegg, together with its advisor Goldman Sachs, conducted a comprehensive strategic review evaluating a range of potential outcomes, including being acquired, a go-private transaction, and remaining a public standalone company. After thoughtful consideration of multiple proposals, the Board unanimously determined that remaining an independent public company offers the best opportunity to maximize long-term shareholder value." The filing confirms multiple acquisition or go-private proposals were received and evaluated, but no transaction value, bidder identities, or proposal terms were disclosed in the source documents reviewed.
No purchase price, enterprise value, exchange ratio, or valuation multiple is applicable or disclosed, because the strategic review concluded with Chegg remaining an independent, publicly traded company rather than being acquired or taken private. There was no merger agreement, tender offer, or proxy statement filed in connection with a transaction.
Concurrent with the conclusion of the strategic review, Chegg announced a restructuring intended to strengthen cash flow and refocus the business on what it called the "$40+ billion skilling market." The restructuring plan, disclosed under Item 2.05 of the same Form 8-K, called for a reduction of 388 roles globally, approximately 45% of the company's workforce, and is expected to reduce 2026 non-GAAP expenses by approximately $100 million to $110 million. The company expects to incur restructuring charges of approximately $15 million to $19 million, consisting primarily of cash severance and employee-transition costs, with substantially all charges incurred by the first quarter of 2026 and approximately $12 million to $16 million of the related cash impact occurring in the fourth quarter of 2026. Chegg stated its skilling-focused businesses, built on its existing professional language learning, workplace readiness, and AI-related skills courses, were expected to generate approximately $70 million of revenue in 2025 with double-digit growth expected in 2026.
The same Form 8-K disclosed a leadership transition: Executive Chairman Dan Rosensweig reassumed the role of President and Chief Executive Officer effective October 27, 2025, while outgoing CEO Nathan Schultz became an Executive Advisor to the CEO and Board under a transition and separation agreement (filed as Exhibit 10.1) through a separation date of December 31, 2025. Rosensweig's new offer letter (Exhibit 10.2) provided for a base salary of $850,000, a grant of restricted stock units covering 1,650,000 shares, and performance-based restricted stock units covering up to 3,850,000 shares tied to stock-price hurdles over a 36-month period following grant. Board member Richard Sarnoff also resigned effective October 21, 2025, which the filing states was unrelated to any dispute with management.
No legal advisors to Chegg or to any potential acquirer were identified in the source filings reviewed. Only the financial advisor, Goldman Sachs, was named in connection with the strategic review.
Subsequent filings reviewed through 2026, including the Q3 2025 earnings release (November 10, 2025) and later 8-Ks concerning a convertible notes repurchase (December 2025) and an NYSE minimum share price deficiency notice (July 2026), make no further reference to a pending acquisition or go-private process, consistent with the strategic review having concluded in October 2025 with Chegg remaining independent. Because the review ended without any acquisition, merger, or going-private transaction being consummated or subsequently announced in the filings reviewed, this record reflects a concluded strategic-alternatives process rather than a pending or completed M&A transaction; no purchase price, financing structure, synergies, or closing conditions exist to report for a deal that did not occur.