BEIJING, May 4 (TMTPOST)—The American depositary shares of 51job jumped nearly 15% intraday and closed 11.2% higher on Tuseday after the leading recruitment website in China announced it had received an updated buyout proposal from a consortium which includes its CEO and co-founder Rick Yan and private equity firms DCP Services and Ocean Link.
The consortium proposed to acquire all of the outstanding common shares of 51job for US$79.05 in cash per common share, which valued the company about $5.33 billion and could make one of the largest takeovers for the US-listed Chinese firm this year.
51job had formed a special committee to evaluate the transaction when it was originally offered in last September. And the committee will continue to evaluate the proposed transaction in light of the latest development. The company cautioned Tuesday that its board of directors has just received the proposal letter and had not made any relevant decision or any alternative strategic option.