JOBS - 51job gains after report buyout group nearing $61/share takeout

51job (NASDAQ:JOBS) rose 10% in premarket trading on a report that an investor group backed by DCP Capital and Ocean Link Partners is near a deal to purchase the Chinese online recruitment firm for more than $4B. The consortium, which includes 51job CEO Rick Yan, is working on final details to buy 51job for about $61 per ADS, according to a Bloomberg report. A deal could be announced as soon as today. A potential agreement comes after consortium proposed cutting the offer price to $57.25/share from $79.05 in January. 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 approval. The news comes after JOBS plunged almost 20% on Nov. 8 after the Chinese online recruitment firm said

For further details see:

51job gains after report buyout group nearing $61/share takeout