JOBS - 51job gains after agreeing to $61/share takeout from buyout group (update)

Update 9:05am: Adds 51job confirmation of deal, further details. 51job (NASDAQ:JOBS) rose 12% in premarket trading after an investor group backed by DCP Capital and Ocean Link Partners agreed to purchase the Chinese online recruitment firm $4.3B. The consortium, which includes 51job CEO Rick Yan, agreed to buy 51job for about $61 per ADS, according to astatement. News of an agreement was earlier reported by Bloomberg. A potential agreement comes after consortium proposed cutting the offer price to $57.25/share from $79.05 in January. The new $61 deal represents a 33% premium to the company's closing price of $45.83 on Jan. 11, before the $57.25 offer was announced. Bloomberg originally reported in January that the buyout consortium was evaluating lowering its offer due to changes in the market environment since its offer was announced last summer. The consortium was said to be considering changes to the structure of its offer to help gain China regulatory

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51job gains after agreeing to $61/share takeout from buyout group (update)