BEIJING, May 5, 2016 /PRNewswire/ -- Mr. Evan Sheng Guo, director and chief executive officer of Zhaopin Limited (NYSE: ZPIN, "Zhaopin" or the "Company"), Mr. Ge Wang, vice president of the Company, Mr. Weigang Wang, vice president of the Company, Mr. Luyang Tang, vice president of the Company, Mr. Tianruo Pu, the chief financial officer of the Company, and Sequoia China Investment Management LLP jointly announced today that they have formed a consortium (the "Consortium") which has submitted to Zhaopin's board of directors a preliminary non-binding proposal (the "Proposal") to acquire all outstanding ordinary shares in Zhaopin not owned by the Consortium for US$17.75 in cash per American depositary share, or US$8.875 per ordinary share of the Company, in a taking-private transaction (the "Transaction").
The Consortium believes that the Proposal provides a very attractive opportunity to the Company's shareholders. The Proposal represents a premium of 12.17% to the volume-weighted average price during the last 30 trading days and a premium of 14.33% to the volume-weighted average price during the last 90 trading days.
The Consortium also believes privatization of the Company would allow the Company to invest heavily for the future and compete effectively in the fast changing China market without worrying about short-term gains.
The Consortium will form an acquisition company for the purpose of implementing the Transaction and intends to finance it with equity from its members and bank financing. The Proposal is subject to further negotiation of definitive agreements and the satisfaction of customary closing conditions.
Sequoia is an international private equity and investment firm. Since its inception in September 2005, Sequoia China funds has initiated and managed numerous U.S. dollar and RMB funds, and has become one of China's most successful venture capital and private equity funds.
Address: 5F, Shoukai Plaza, No. 10 Furong Street, Wangjing, Chaoyang District, Beijing, PR China
Attention: Evan Sheng Guo
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/consortium-submits-non-binding-proposal-to-acquire-nyse-listed-zhaopin-limited-300263491.html
SOURCE Zhaopin Limited