The recruitment website Future Worry-Free has received the latest acquisition proposal from a consortium led by Dehong Capital. This may become one of the largest acquisitions of a Chinese company listed in the US this year.
According to Tuesday's announcement, Dehong Capital teamed up with private equity firm Ouling Investment and Zhen Ronghui, CEO and co-founder of Worry-Free Future, to issue a revised acquisition proposal. The announcement confirmed an earlier Bloomberg News report.
Dehong Capital issued a non-binding cash purchase offer in September last year, proposing to buy all of the shares in circulation of Qiancheng Worry-free for 79.05 US dollars per common share, with a valuation of about 5.3 billion US dollars. Worry-Free Future has set up a special committee to evaluate and consider this takeover offer and other potential strategic options.
There is no worry about the future, and the Special Committee will continue to evaluate the proposal in the light of recent developments. They said no decision has been made on this proposal or any other strategic options.
Future Worry-Free American Depositary Shares rose 22% to $75.00 before the Tuesday market.