Third Time Is The Charm

Third Time Is The Charm

It’s a short one this week. This post follows my initial write-up about Zhaopin published on July 23: The Case of Zhaopin: retain, promote, or fire?

After being listed for over 3 years on the NYSE and several take-private offers, Zhaopin was finally taken private by SEEK (its major shareholder) and its affiliates Hillhouse Capital Management and FountainVest Partners, and delisted on September 29, 2017. As mentioned in my previous post, I had a position in Zhaopin, which I kept up to this take-private transaction. The total payout amounted to US$18.20/ADS, representing a special dividend of US$1.88/ADS plus US$16.32/ADS as the purchase consideration. Considering that I got into my position at approximately US$15/ADS, this represents a gain of above 21% in about 11 months – not amazing but still not bad.

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