51job Says Certain Members Of Buyer Consortium In Talks With China On Recent Regulatory Changes

Chinese HR firm 51job Inc. (JOBS) said that certain members of the buyer consortium that formed Garnet Faith Limited to acquire the Company pursuant to the previously announced agreement and plan of merger dated as of June 21, 2021, have been in consultation with Chinese regulators on recent regulatory changes in China that may be applicable to the Company and the Proposed Transaction.

The consultation process by these buyer consortium members is currently ongoing and a clear timeline to its completion cannot be provided at this time, 51job said in a statement.

In June 2021, 51job said that it entered into a definitive Agreement and Plan of Merger with Garnet Faith Limited, pursuant to which, 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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration or FDA has urged infant formula manufacturers to import infant formula products to the United States to meet the ongoing severe supply shortage. In order to further increase the availability of infant formula in the country, while protecting the health of infants, the regulator announced a guidance outlining increased flexibilities for the global manufacturers Retail giant Walmart Inc. reported Tuesday a profit for the first quarter of fiscal 2023 that declined 24.8 percent from last year, hurt by lower gross margins and net losses on equity investments. Adjusted earnings per share also missed analysts' expectations, but quarterly revenues topped it. The retailer also cut its earnings guidance for the second quarter and for the full-year 2023. Billionaire and Tesla CEO Elon Musk, who is in deal to acquire Twitter Inc., may seek a lower price for the social media platform as he estimates that there could be at least four times more fake accounts than what the company informed, Reuters reported. It was in late April that Twitter agreed to accept Musk's about $44 billion takeover offer and to become a privately held company.
Follow RTT