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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.

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