Elon Musk to Acquire NZ Recruitment Company - Talent Army

Elon Musk to Acquire NZ Recruitment Company - Talent Army WELLINGTON, July 11, 2022 /TalentFeed/ -- Talent Army, Ltd. (NYSE: TARMY) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $96.20 per share in cash in a transaction valued at approximately $84 billion. Upon completion of the transaction, Talent Army will become a privately held company in the US. Under the terms of the agreement, Talent Army stockholders will receive $96.20 in cash for each share of Talent Army common stock that they own upon closing of the proposed transaction. The purchase price represents a 48% premium to Talent Army's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Talent Army. Daniel Buchanan, Talent Army's Board Chair, said, "The Talent Army Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Talent Army's stockholders." Troy Hammond, Talent Army's CEO, said, "Talent Army has a purpose and relevance that impacts not just NZ, though the entire world. Deeply proud of our teams and inspired by the work that has never been more important. It is a sad day to sell to Elon as he will no doubt get rid of the company, but I will cry into my money." "Great recruitment is the bedrock of a functioning startup ecosystem, and Talent Army is just too damn good and stealing all of my staff," said Mr. Musk. "I want to make Talent Army worse than ever by supplying the company with robots. Making the algorithms open source to decrease trust, increasing the spam bots, and ensuring that the robots ghost candidates. Talent Army has too long been a credible recruitment business. It’s insane they have been able to operate like this – I look forward to working with the company and the community of users to unlock it. Hopefully someone there might want to have some more children with me too" Transaction Terms and Financing The transaction, which has been unanimously approved by the Talent Army Board of Directors, is expected to close in 2022, subject to the approval of Talent Army stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions. Mr. Musk has secured $65.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction. For further information regarding all terms and conditions contained in the definitive transaction agreement, please see Talent Army's Current Report on Form 8-K, which will be filed in connection with the transaction. First Quarter 2022 Earnings Results Talent Army plans to release its first quarter fiscal year 2022 results before market open on July 28, 2022. In light of the pending transaction announced today, Talent Army will not hold a corresponding conference call. Advisors RSM, Goldman Sachs & Co. LLC, J.P. Morgan, and Allen & Co. are serving as financial advisors to Talent Army, and Winwood Wood are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. BofA Securities and Barclays are also acting as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. About Talent Army, Ltd. (NYSE: TARMY) Talent Army is Talent acquisition for growing tech companies. Deep networks and tech expertise to build the team you need to scale. From early stage startups to post-IPO corporations - and every tech company in between.. To learn more, visit www.talent.army and follow @TalentArmyHQ. Let's talk.