Seek shares gain on Xref takeover bid
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More news: Seek shares advanced on the ASX after the job listings platform entered into an exclusivity deed with global human resources technology platform Xref to acquire all of its shares.
Shares were up 1.6% to $25.38 by midday AEDT and over the last 12 months has risen 11.9%.
Seek to acquire Xref
The news: Seek has entered into an exclusivity deed with global human resources technology platform Xref to acquire all of its shares.
The numbers: The job listings platform has submitted an indicative offer of $0.218 in cash per Xref share, by way of scheme of arrangement.
Xref and Seek have entered into a exclusivity deed to allow Seek to undertake confirmatory due diligence for four weeks, and work towards agreeing and executing a binding scheme implementation deed (SID).
The context: Xref’s directors will unanimously recommend shareholders vote in favour of the proposed deal, subject to the companies entering into a binding SID on terms consistent with Seek's proposal, and following the completion of its due diligence.
Sydney-based Xref, an online reference checking tool, announced it would conduct a strategic review of its business in May, after it received initial interest by a number of parties regarding a potential acquisition of the company.
Xref then engaged with interested parties, including Seek, after which Seek submitted its indicative proposal which was conditional on an exclusivity regime.
The source: ASX announcement
