51job官方宣布已签订私有化交易的最终协议，约57亿美元上海2021年6月21日 51job, Inc. (Nasdaq: JOBS）（以下简称 "51job "或 "公司"）今天宣布，它已经与Garnet Faith Limited（一家根据开曼群岛法律成立的豁免有限责任公司）（以下简称 "合并子公司"）签订了最终的合并协议和计划（以下简称 "合并协议"）。根据该协议，在其条款和条件的限制下，Merger Sub将与本公司合并（"合并"），本公司为存续公司（"存续公司"），该交易意味着本公司的股权价值约为57亿美元，其中本公司将被一个投资者财团（"财团"）收购。
根据合并协议的条款，在合并生效时（"生效时间"），本公司每股普通股（面值0. 0001美元的本公司普通股（每股为 "普通股 "或 "股份"），除了除外股份、继续股份和异议股份（各自定义见合并协议）外，在紧接生效时间之前已发行、流通且无本公司美国存托股票（每股为 "ADS"，代表一股普通股）的股份将被取消并不再存在，以换取获得79. 05美元的现金，且不计利息（"每股合并对价"），而每份流通的美国存托凭证（代表除外股份和继续股份的美国存托凭证除外），连同该美国存托凭证所代表的每股股份，将被注销，以换取每份美国存托凭证收取79.05美元现金的权利，且不计利息（"每股合并对价"，连同每股合并对价，"合并对价"）。
在生效时间，每个(i)在2021年9月30日或之前已经归属或预计归属并在生效时间仍未行使的购买股份的期权（"归属公司期权"）将被取消，在生效时间被取消的归属公司期权的每个持有人将有权在生效时间后尽快收到一笔现金，该金额由(x)79. 05美元超过该归属公司期权的适用行使价的部分，乘以(y)该归属公司期权的相关股份数量。(ii) 非归属公司期权的股份购买权（"非归属公司期权"）将被取消，以换取由存续公司颁发的员工奖励，以取代该非归属公司期权，其条款和条件将由存续公司决定，并与公司股份计划（定义见合并协议）和有关该非归属公司期权的奖励协议的条款和条件（包括归属）大致相同。
合并对价比本公司2021年5月3日（本公司宣布收到更新的 "私有化 "提案前的最后一个交易日）的美国存托股票收盘价溢价28.89%，比本公司收到更新的 "私有化 "提案前最后30天内的美国存托股票成交量加权平均收盘价溢价25.38%。
该财团包括DCP Capital Partners II, L.P.（连同其附属投资实体，"DCP"）、Ocean Link Partners Limited（连同其附属投资实体，"Ocean Link"），以及本公司首席执行官Rick Yan先生。Recruit Holdings Co. 本公司的最大股东Recruit Holdings Co., Ltd.（"Recruit"）也参与了与财团的交易。
联营体打算通过以下方式为合并提供资金：联营体某些成员根据其各自的股权承诺书提供的现金捐助、本公司某些股东提供的股权捐助、招商银行股份有限公司上海分行提供的总金额不超过18.25亿美元的某些承诺定期贷款的收益。招商银行股份有限公司上海分行作为唯一的原始授权牵头安排人和主承销商，以及上海浦东发展银行股份有限公司上海分行作为原始的联合授权安排人。本公司及其子公司的可用现金，以及作为原联合授权牵头安排人和联合主承销商的上海分行。
公司董事会（"董事会"）根据董事会设立的独立和无利益关系的董事委员会（"特别委员会"）的一致建议，批准了合并协议和合并，并决定建议公司股东投票批准合并协议和合并。特别委员会在自己的财务和法律顾问的协助下就合并协议的条款进行谈判。
合并目前预计在2021年下半年完成，须符合惯例的成交条件，包括代表至少三分之二投票权的股份持有人在公司将召开的审议批准合并协议和合并的股东大会上亲自或由代表出席投票，以赞成票批准合并协议。 Rick先生（以及Rick先生实际拥有股份的实体）、Recruit和本公司的某些其他现有股东已经同意将他们实际拥有的所有股份和美国存托凭证（占本公司截至合并协议日期已发行股份总数的约54.9%的投票权）投票赞成批准合并协议和合并。 如果合并完成，本公司将成为一家私营公司，其美国存托股票将不再在纳斯达克全球精选市场上市。
Duff & Phelps, A Kroll Business as Kroll, LLC担任特别委员会的财务顾问；Davis Polk & Wardwell LLP担任特别委员会的美国法律顾问；Simpson Thacher & Bartlett LLP担任公司的美国法律顾问；Jun He Law Offices担任公司的中国法律顾问；Maples and Calder LLP担任公司的开曼群岛法律顾问。
Paul, Weiss, Rifkind, Wharton & Garrison LLP、Kirkland & Ellis LLP和Weil, Gotshal & Manges LLP担任该财团的国际联合律师。 方达律师事务所担任财团的中国法律顾问，Ogier和Harney Westwood & Riegels LP担任财团的开曼群岛法律顾问。
Sullivan & Cromwell LLP担任Recruit的法律顾问；Conyers Dill & Pearman LLP担任Recruit的开曼群岛法律顾问；JPMorgan Securities Japan Co., Ltd.担任Recruit的财务顾问。
关于合并的其他信息
公司将向美国证券交易委员会（"SEC"）提供一份关于合并的6-K表格的当前报告，其中包括合并协议的附件。 希望了解有关合并细节的所有各方都应查阅这些文件，这些文件将在美国证券交易委员会的网站（http://www.sec.gov）上提供。
在合并方面，公司将准备并向其股东邮寄一份代理声明，其中将包括合并协议的副本。 此外，在合并方面，本公司和合并的某些其他参与者将准备并向本公司的股东邮寄一份包括本公司代理声明的附表13E-3交易声明（"附表13E-3"）。 附表13E-3将被提交给美国证券交易委员会。 敦促投资者和股东仔细阅读附表13E-3和其他提交给美国证券交易委员会的材料，因为它们将包含有关公司、合并和相关事项的重要信息。 除了通过邮件收到附表13E-3之外，股东还可以从美国证券交易委员会的网站（http://www.sec.gov）免费获得这些文件，以及其他包含有关公司、合并和相关事项信息的文件。
本公告既不是代理邀请，也不是购买或出售任何证券的要约邀请，它也不能替代任何代理声明或其他可能向美国证券交易委员会提交或提供的材料，如果拟议的合并进行。
关于51job
51job成立于1998年，是中国领先的综合人力资源服务提供者。 凭借一套全面的人力资源解决方案，51job满足了企业和求职者在整个人才管理周期中的需求，从最初的招聘到员工保留和职业发展。 公司的主要在线招聘平台（http://www.51job.com、http://www.yingjiesheng.com、http://www.51jingying.com、http://www.lagou.com、http://www.51mdd.com）以及移动应用，每天将数百万人与就业机会联系起来。51job还提供其他一些人力资源增值服务，包括业务流程外包、培训、专业评估、校园招聘、高管搜寻和薪酬分析。 51job在武汉有一个呼叫中心，其销售和服务网点遍布全国30多个城市。
安全港声明
本公告包含前瞻性声明。 这些陈述是根据1995年美国私人证券诉讼改革法案的 "安全港 "条款作出的。 这些前瞻性声明可以通过诸如 "将"、"预计"、"预期"、"未来"、"打算"、"计划"、"相信"、"估计"、"目标"、"信心 "和类似声明等术语来识别。 其中，不属于历史事实的陈述，包括关于51job的信念和期望，以及51job的战略和运营计划的陈述，都是或含有前瞻性的陈述。 51job还可能在其提交给美国证券交易委员会的定期报告中，在其提交给股东的年度报告中，在新闻稿和其他书面材料中，以及在其官员、董事或雇员向第三方发表的口头声明中，做出书面或口头的前瞻性声明。 所有前瞻性声明都是基于管理层在发表声明时的预期，并涉及固有的风险和不确定性。 许多因素可能导致实际结果与任何前瞻性声明中的内容有实质性差异，包括但不限于以下因素。51job战略和业务计划的执行情况；中国人力资源服务行业的增长和趋势；51job产品和服务的市场接受度；行业竞争；51job控制成本和费用的能力；51job保留关键人员和吸引新人才的能力；与51job的行业、公司结构和业务运营相关的政府政策和法规；业务的季节性；人民币对美元和其他货币的价值波动；51job的业务发展。 与51job已经或将来进行的收购或投资有关的风险；在季度或年度结算或审计过程中可能发生的会计调整；以及中国和全球总体经济和商业状况的波动，包括冠状病毒或其他大流行病的影响。 有关这些和其他风险的进一步信息包括在51job向美国证券交易委员会提交的文件中。 本新闻稿中提供的所有信息都是截至新闻稿发布之日的信息，并基于51job认为在此日期是合理的假设，51job不承担更新任何前瞻性声明的义务，除非适用法律要求。
51job, Inc. Enters into a Definitive Agreement for Going-Private Transaction
51job, Inc. (Nasdaq: JOBS) ("51job", or the "Company"), a leading provider of integrated human resource services in China, announced today that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Garnet Faith Limited, an exempted company with limited liability incorporated under the law of the Cayman Islands ("Merger Sub"), pursuant to which, and subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "Merger") with the Company being the surviving company ("Surviving Company"), in a transaction implying an equity value of the Company of approximately US$5.7 billion in which the Company will be acquired by a consortium of investors (the "Consortium").
Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each common share, par value US$0.0001 per share, of the Company (each, a "Common Share" or a "Share") issued, outstanding and not represented by American depositary shares of the Company (each, an "ADS," representing one Common Share) immediately prior to the Effective Time, other than the Excluded Shares, the Continuing Shares and the Dissenting Shares (each as defined in the Merger Agreement), will be cancelled and cease to exist, in exchange for the right to receive US$79.05 in cash per Share without interest (the "Per Share Merger Consideration"), and each outstanding ADS, other than ADSs representing Excluded Shares and Continuing Shares, together with each Share represented by such ADS, will be cancelled in exchange for the right to receive US$79.05 in cash per ADS without interest (the "Per ADS Merger Consideration" and, together with the Per Share Merger Consideration, the "Merger Consideration").
At the Effective Time, each (i) option to purchase Shares that shall have become vested or is expected to vest on or prior to September 30, 2021 and remains outstanding at the Effective Time (a "Vested Company Option") will be cancelled, and each holder of a Vested Company Option which is cancelled at the Effective Time will have the right to receive, as soon as practicable after the Effective Time, an amount in cash determined by multiplying (x) the excess, if any, of US$79.05 over the applicable exercise price of such Vested Company Option by (y) the number of Shares underlying such Vested Company Option; and (ii) option to purchase Shares which is not a Vested Company Option (an "Unvested Company Option") will be cancelled in exchange for an employee incentive award issued by the Surviving Company, to replace such Unvested Company Option, pursuant to terms and conditions to be determined by the Surviving Company which will be substantially the same as the terms and conditions (including as to vesting) under the Company Share Plans (as defined in the Merger Agreement) and the award agreement with respect to such Unvested Company Option.
The Merger Consideration represents a premium of 28.89% to the closing price of the Company's ADSs on May 3, 2021, the last trading day prior to the Company's announcement of its receipt of the updated "going-private" proposal, and a premium of 25.38% to the volume-weighted average closing price of the Company's ADSs during the last 30 days prior to its receipt of the updated "going-private" proposal.
The Consortium includes DCP Capital Partners II, L.P. (together with its affiliated investment entities, "DCP"), Ocean Link Partners Limited (together with its affiliated investment entities, "Ocean Link"), and Mr. Rick Yan, the Chief Executive Officer of the Company. Recruit Holdings Co., Ltd. ("Recruit"), the Company's largest shareholder, is also participating in the transaction with the Consortium.
The Consortium intends to fund the Merger through a combination of cash contributions from certain members of the Consortium pursuant to their respective equity commitment letters, equity contributions from certain shareholders of the Company, proceeds from certain committed term loan facilities in an aggregate amount up to US$1,825,000,000 from China Merchants Bank Co., Ltd. Shanghai Branch as the sole original mandated lead arranger and the lead underwriter, and Shanghai Pudong Development Bank Co., Ltd. Shanghai Branch as the original joint mandated lead arranger and the co-lead underwriter, and available cash of the Company and its subsidiaries.
The Company's board of directors (the "Board"), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the "Special Committee"), approved the Merger Agreement and the Merger and resolved to recommend the Company's shareholders vote to approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its own financial and legal advisors.
The Merger, which is currently expected to close during the second half of 2021, is subject to customary closing conditions including the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy as a single class at a meeting of the Company's shareholders which will be convened to consider the approval of the Merger Agreement and the Merger. Mr. Rick Yan (together with entities through which Mr. Yan beneficially owns Shares), Recruit, and certain other existing shareholders of the Company have agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 54.9% of the voting rights attached to the total outstanding Shares of the Company as of the date of the Merger Agreement, in favor of the approval of the Merger Agreement and the Merger. If completed, the Merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Select Market.
Duff & Phelps, A Kroll Business operating as Kroll, LLC is serving as financial advisor to the Special Committee; Davis Polk & Wardwell LLP is serving as U.S. legal counsel to the Special Committee; Simpson Thacher & Bartlett LLP is serving as U.S. legal counsel to the Company; Jun He Law Offices is serving as PRC legal counsel to the Company; and Maples and Calder LLP is serving as Cayman Islands legal counsel to the Company.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Kirkland & Ellis LLP and Weil, Gotshal & Manges LLP are serving as international co-counsels to the Consortium. Fangda Partners is serving as PRC legal counsel to the Consortium, and Ogier and Harney Westwood & Riegels LP are serving as Cayman Islands legal counsels to the Consortium.
Sullivan & Cromwell LLP is serving as legal counsel to Recruit; Conyers Dill & Pearman LLP is serving as Cayman Islands legal counsel to Recruit; and JPMorgan Securities Japan Co., Ltd. is serving as financial advisor to Recruit.
Additional Information About the Merger
The Company will furnish to the U.S. Securities and Exchange Commission (the "SEC") a current report on Form 6-K regarding the Merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC's website (http://www.sec.gov).
In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and mail to the Company's shareholders a Schedule 13E-3 Transaction Statement that will include the Company's proxy statement (the "Schedule 13E-3"). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. In addition to receiving the Schedule 13E-3 by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC's website (http://www.sec.gov).
This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.
About 51job
Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company's main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets," "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job's beliefs and expectations, as well as 51job's strategic and operational plans, are or contain forward-looking statements. 51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All forward-looking statements are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job's strategies and business plans; growth and trends of the human resource services industry in China; market acceptance of 51job's products and services; competition in the industry; 51job's ability to control costs and expenses; 51job's ability to retain key personnel and attract new talent; relevant government policies and regulations relating to 51job's industry, corporate structure and business operations; seasonality in the business; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic and business conditions in China and globally, including the impact of the coronavirus or other pandemic. Further information regarding these and other risks are included in 51job's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact
Investor Relations, 51job, Inc.Tel: +86-21-6879-6250Email: ir@51job.com
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