SEEK’s subsidiary signs Merger Agreement

Company News

by Jessica Amir

SEEK Limited (ASX:SEK) has announced its New York Stock Exchange (NYSE) listed subsidiary has entered into a Merger Agreement.

SEEK’s subsidiary, Zhaopin Limited (NYSE:ZPIN) has entered into a Merger Agreement with two Chinese private equity investors, who will acquire all of the outstanding shares in Zhaopin for a total consideration of US$18.20 per American Depositary Share (ADS).

SEEK says its excited to partner with Hillhouse Capital Management and FountainVest Partners, who each have strong track records of success in China.

If the merger is completed, Zhaopin will become privately held and cease to be listed on the NYSE.

SEEK says the merger which is set to occur in the second half of 2017, will position its subsidiary for long-term success.

Shares in SEEK Limited (ASX:SEK) last traded 1.19% higher to $16.13
 

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