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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.

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