2018, Cayman Islands
Deminor advised shareholders of Zhaopin, the operator of the leading online recruitment platform in the People’s Republic of China, in connection with a merger proposed by its controlling shareholder SEEK International Investments Pty Ltd. Zhaopin has its operational headquarters in Beijing, China. The company’s shares were listed as American Depositary Shares in New York, and its registered office is in the Cayman Islands. As part of the merger, Deminor’s clients were forced to tender their shares against a cash payment. Deminor’s clients believed that the consideration offered for their shares was below fair value. Consequently, they filed a petition with the Grand Court of the Cayman Islands, where Zhaopin has its registered office, to have the court determine the shares’ fair value. In 2018, a settlement was reached.