Two Chinese investment firms have moved to take a minority holding in Seek’s New-York listed Zhaopin, a rapidly growing Chinese online jobs business.
CDH V Management Company Limited and Shanghai Goliath Investment Management LP are offering about $17.50 for each American Depositary Share, a premium of about 22% on Friday’s closing price.
Zhaopin, listed in 2014 and still 68% owned by Seek, has a market capitalisation of about $US983 million.
The takeover offer is for shares not owned by Seek.
Seek says it will update the market as appropriate.
“Seek expects the proposed buying group will endeavour to negotiate arrangements with Seek for the future management of Zhaopin,” the company said.