SHANGHAI, April 27,
2022 /PRNewswire/ -- 51job, Inc.
(Nasdaq: JOBS) ("51job", or the
"Company"), a leading provider of integrated human resource
services in China, announced today
that at an extraordinary general meeting of shareholders held
today, the Company's shareholders voted in favor of, among other
things, the proposal to authorize and approve the previously
announced agreement and plan of merger, dated as of June 21, 2021, as amended by amendment No. 1 to
agreement and plan of merger, dated as of March 1, 2022 (as so amended and as may be
further amended from time to time, the "Merger Agreement"), between
the Company and Garnet Faith Limited, an exempted company with
limited liability incorporated under the laws of the Cayman Islands ("Merger Sub"), and the plan of
merger required to be filed with the Registrar of Companies of the
Cayman Islands (the "Plan of
Merger"), pursuant to which Merger Sub will merge with and into the
Company (the "Merger"), with the Company continuing as the
surviving company, and to authorize and approve the consummation of
any and all transactions contemplated by the Merger Agreement and
the Plan of Merger, including the Merger.
Approximately 76% of the Company's total outstanding common
shares, including common shares represented by the Company's
American depositary shares (the "ADSs"), voted in person or by
proxy at the extraordinary general meeting. Each shareholder has
one vote for each common share. These shares represented
approximately 76% of the total outstanding votes represented by the
Company's total common shares outstanding at the close of business
in the Cayman Islands on the
record date of April 14, 2022. The
Merger Agreement, the Plan of Merger and the transactions
contemplated thereby, including the Merger, were approved by
approximately 93% of the total votes cast at the extraordinary
general meeting.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with the other parties to the Merger Agreement
towards satisfying all other conditions precedent to the Merger set
forth in the Merger Agreement and completing the Merger as quickly
as possible. If and when completed, the Merger would result in the
Company becoming a privately held company and its ADSs would no
longer be listed or traded on any stock exchange, including the
NASDAQ Global Select Market, and the Company's ADS program would be
terminated.
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: +86-21-6879-6250
Email: ir@51job.com
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SOURCE 51job, Inc.