51job's Egregious Offer: Dissentient Shareholders Commence Court Proceedings

51job (JOB US)'s Offer Price Back Up To $61

51job's Buyout: Offer Price Unchanged In Updated Proposal

51job’s Privatisation: Firm Offer Is Still The Wrong Price

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
Back on the 21 June, IR solutions provider <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc (JOBS US)</a> <a href="https://sec.report/Document/0001193125-21-195283/" target="_blank" rel="noopener">announced</a> it had entered into a definitive privatisation agreement at US$79.05/share. 
Just last week in <a href="https://skr.ma/d8W2a" target="_blank" rel="noopener">51job (JOB US): Searching For Answers</a>, when the gross spread to terms was 30.8% -  the widest since the take-private transaction was first floated on the <a href="https://sec.report/Document/0001104659-20-105912/" target="_blank" rel="noopener">17 September 202</a>0 - I thought this was the right price to get involved. 
Despite China's ongoing scrutiny of the internet industry, I had not seen any specific issue pushing back on this deal. Additionally,  wasn't helping people find jobs more easily in-line with common prosperity?
51job has now <a href="https://www.sec.gov/Archives/edgar/data/0001295484/000110465921132333/tm2131363d1_sc13da.htm" target="_blank" rel="noopener">updated</a> its Schedule 13D - an SEC form to be filed when a person or group acquires more than 5% of a company. The amendment discusses facility agreements entered into with China Merchants Bank, the lead arranger, and Shanghai Pudong Development Bank Co (joint lead arranger). The facilities provide funding of US$2.275bn, just shy of the US$2.6bn required to complete the transaction.
Shares gained 9.8% on this development, the only newsflow since the firm agreement was entered into. 
Timing still remains unknown. However, this is a buy here.
</div>
More below the fold


Back on the 21 June, IR solutions provider 51 Job Inc (JOBS US) announced it had entered into a definitive privatisation agreement at US$79.05/share. 
Just last week in 51job (JOB US): Searching For Answers, when the gross spread to terms was 30.8% -  the widest since the take-private transaction was first floated on the 17 September 2020 - I thought this was the right price to get involved. 
Despite China's ongoing scrutiny of the internet industry, I had not seen any specific issue pushing back on this deal. Additionally,  wasn't helping people find jobs more easily in-line with common prosperity?
51job has now updated its Schedule 13D - an SEC form to be filed when a person or group acquires more than 5% of a company. The amendment discusses facility agreements entered into with China Merchants Bank, the lead arranger, and Shanghai Pudong Development Bank Co (joint lead arranger). The facilities provide funding of US$2.275bn, just shy of the US$2.6bn required to complete the transaction.
Shares gained 9.8% on this development, the only newsflow since the firm agreement was entered into. 
Timing still remains unknown. However, this is a buy here.

More below the fold

51job (JOB US): Shares Pop As Financing Progresses

51 Job Inc Adr

51job (JOB US): Shares Pop As Financing Progresses