Benzinga | Sep 21, 2020 06:04AM EDT

51job, Inc. Announces Formation Of Special Committee To Evaluate And Consider Non-Binding Proposal Or Any Alternative Strategic Option; Committee Intends To Retain Advisors, Including Independent Financial Advisor, Independent Legal Counsel

SHANGHAI, Sept. 21, 2020 /PRNewswire/ -- 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") has formed a special committee (the "Special Committee") consisting of two independent directors, Mr. Li-Lan Cheng and Mr. Eric He, to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated September 17, 2020 (the "Proposal") as well as other potential strategic alternatives that the Company may pursue. The Special Committee intends to retain advisors, including an independent financial advisor and independent legal counsel, to assist it in its evaluation.

The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.