Benzinga | Jan 12, 2022 08:32AM EST

51job, Inc. Announces Receipt Of A Proposal To Amend Merger Consideration For Going-Private Transaction; Co. Announces Merger Sub Proposed To Reduce The Merger Consideration From $79.05/Share In Cash To $57.25/Share In Cash

51job, Inc. (Nasdaq JOBS) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today that its Board of Directors (the "Board") and the special committee of the Board (the "Special Committee") have received a proposal letter dated January 12, 2022 (the "Proposal Letter") from Garnet Faith Limited ("Merger Sub") in connection with the proposed merger under the agreement and plan of merger between the Company and Merger Sub dated as of June 21, 2021 (the "Merger Agreement"). In the Proposal Letter, the Merger Sub proposed to reduce the merger consideration from US$79.05 in cash per common share to US$57.25 in cash per common share and reduce the combined ownership of DCP Capital Partners II, L.P. and Ocean Link Partners Limited in the Company upon consummation of the proposed merger to 9.99% (collectively, the "Proposed Revised Transaction"). A copy of the Proposal Letter is attached hereto as Exhibit A.

The Special Committee will evaluate the Proposed Revised Transaction in light of the latest development with the assistance of its financial and legal advisors.

The Board and the Special Committee caution the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal Letter and that no decisions have been made with respect to the Proposed Revised Transaction. The Company does not undertake any obligation to provide any updates with respect to the Proposed Revised Transaction or any other transaction, except as required under applicable law.