Bid for Seek-controlled Zhaopin

Seek’s Chinese subsidiary Zhaopin has received a takeover bid from a consortium of private equity firms.

Seek’s 63% owned NYSE-listed subsidiary, Chinese employment listings company Zhaopin, today announced it had received a preliminary non-binding proposal from a private equity consortium. The consortium proposes to acquire the shares not owned by Seek at a price of US$8.75 each, a 22% premium to the last traded price. Note that shares are traded on the NYSE as American depositary receipts, which means the bid equates to US$17.50 per ADR.

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