The Jiayuan buyout looks set to go ahead, as the Chinese dating company announces it has entered into a letter agreement with its buyers.
An offer to buy the company came in last year from main competitor Baihe, with plans to merge the company with Baihe subsidiaries LoveWorld and FutureWorld.
In December, Jiayuan agreed to a deal from Baihe to buy the dating company for $7.56 per American Depositary Share and $5.04 per ordinary share, its shareholders voting in favour on the 29th.
And now the two have signed a letter agreement, which contains some added details about the terms of the deal.
Included in this is Jiayuan’s agreement to Baihe’s transfer of “100% equity interest in Tianjin Baihe Shidai Assets Management to Tianjin Xingfu Shidai Enterprise Management”.
In addition, Jiayuan agrees to waive certain obligations Baihe set out in the merger agreement thanks to this new arrangement.
The deal is expected to close by before April 30, 2016, after which Jiayuan will become a private company.