Benzinga | Jun 21, 2021 08:17AM EDT

51job, Inc. Enters into a Definitive Agreement for Going-Private Transaction

51job, Inc. (Nasdaq JOBS) ("51job", or the "Company"), a leading provider of integrated human resource services in China, announced today that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Garnet Faith Limited, an exempted company with limited liability incorporated under the law of the Cayman Islands ("Merger Sub"), pursuant to which, and subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "Merger") with the Company being the surviving company ("Surviving Company"), in a transaction implying an equity value of the Company of approximately US$5.7 billion in which the Company will be acquired by a consortium of investors (the "Consortium").

Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each common share, par value US$0.0001 per share, of the Company (each, a "Common Share" or a "Share") issued, outstanding and not represented by American depositary shares of the Company (each, an "ADS," representing one Common Share) immediately prior to the Effective Time, other than the Excluded Shares, the Continuing Shares and the Dissenting Shares (each as defined in the Merger Agreement), will be cancelled and cease to exist, in exchange for the right to receive US$79.05 in cash per Share without interest (the "Per Share Merger Consideration"), and each outstanding ADS, other than ADSs representing Excluded Shares and Continuing Shares, together with each Share represented by such ADS, will be cancelled in exchange for the right to receive US$79.05 in cash per ADS without interest (the "Per ADS Merger Consideration" and, together with the Per Share Merger Consideration, the "Merger Consideration").