51job To Be Taken Private In Transaction Valued At $5.7 Bln - Quick Facts

Chinese HR firm 51job, Inc. (JOBS) announced Monday that it has entered into a definitive Agreement and Plan of Merger with Garnet Faith Limited, pursuant to which, and subject to the terms and conditions thereof, Garnet Faith will merge with and into 51job, with 51job being the surviving company, in a transaction implying an equity value of the Company of approximately US$5.7 billion in which 51job will be acquired by a consortium of investors.

The Consortium includes DCP Capital Partners II, L.P., Ocean Link Partners Limited and Rick Yan, the Chief Executive Officer of the Company. Recruit Holdings Co., Ltd., the Company's largest shareholder, is also participating in the transaction with the Consortium.

Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each common share, par value US$0.0001 per share of 51job issued, outstanding will be cancelled and cease to exist, in exchange for the right to receive US$79.05 in cash per Share without interest.

The Merger Consideration represents a premium of 28.89% to the closing price of the Company's ADSs on May 3, 2021, the last trading day prior to the Company's announcement of its receipt of the updated "going-private" proposal.

The Merger, which is currently expected to close during the second half of 2021, is subject to customary closing conditions including the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present at a meeting of the Company's shareholders.

If completed, the Merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Select Market.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT