Seek receives second Zhaopin offer

Company News


Seek Limited (ASX:SEK) says it has received a preliminary non-binding take-over proposal from Sequoia China Investment Management and certain executives of Zhaopin Limited for its stake in Zhaopin. 
 
Seek owns 68 per cent of Zhaopin which is the Chinese equivalent of SEEK's job-seeker website. 
 
The Sequoia consortium has offered US$17.75 per ADS and $8.875 for each Class A and Class B share. 
 
The offer is slightly higher than the $17.50 and $8.75 offer received by SEEK from another China-based consortium back in January. Seek says it will update the market as appropriate. 
 
Seek reported a net profit of $295.9 million for the six months to the end of December 2015.

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