Seek Signs Binding Scheme Implementation Deed to Acquire Xref; Xref Shares Hit New 52-Week High

MT Newswires Live11-14 10:41

Seek (ASX:SEK) signed a binding scheme implementation deed to acquire Xref (ASX:XF1) for AU$0.218 per share at a valuation of around AU$41.2 million via a scheme of arrangement, according to a Thursday filing with the Australian bourse.

The company declared the offer as its best and final in the absence of a superior proposal.

The acquisition is expected to strengthen SEEK's employment marketplace offering by capitalizing on Xref's human resources and recruitment technology, the filing added.

The acquisition is subject to several conditions, including shareholder and court approvals, among others, the filing added.

Xref's shares rose almost 5% in recent Thursday trade, hitting a new 52-week high.

Price (AUD): $25.03, Change: $-0.02, Percent Change: -0.10%

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