JOBS - Why 51job Stock Blasted 10% Higher on Tuesday
After several tries and near-misses, 51job (NASDAQ: JOBS) is finally being bought out. In reaction, relieved investors traded the China-based job listings company's American depositary shares (ADSes) up by 10% on Tuesday, lifting it close to the total purchase price in the deal.
The buyer is Garnet Faith Limited, a consortium of investors that includes current 51job CEO Rick Yan and Japan-based Recruit Holdings, the company's largest shareholder. The consortium agreed to pay $61 per each 51job ADS. Tuesday's reaction by the stock market sent the ADSes to a close of $57 apiece.
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Why 51job Stock Blasted 10% Higher on Tuesday