Business, Internet

Zhaopin.com Reaches Go-private Agreement

Chinese pioneering recruitment website Zhaopin.com, which previously received three privatization proposals, announced that its board of directors has reached a privatization agreement with a consortium led by its controlling shareholder and the offer price is USD18.2 per ADS.

Zhaopin said that the consortium comprises its controlling shareholder SEEK International Investments, Zebra Mergerco under Hillhouse Capital Management, and FountainVest Partners.

This means SEEK International is the final winner of the bid, beating two other competitors: a consortium led by Zhaopin's CEO and Sequoia Capital, and a third-party consortium. In May 2016, Zhaopin's executive team including its CEO teamed with Beijing Sequoia Kun Tak Investment Management Center (L.P.)., proposing to buy Zhaopin for USD17.75 per ADS. And on January 19, 2016, CDH V Management Company Limited and Shanghai Goliath Investment Management L.P. offered to buy the Chinese recruitment site for USD17.5 per ADS.

At present, SEEK International owns a 61.2% stake and 74.5% voting rights in Zhaopin. The transaction is expected to close in the second half of 2017.

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