51jobs Up 10% As Investors Revises Taking Private Offer

Shares of 51job, Inc. (JOBS) are gaining nearly 10% on Wednesday morning. A consortium of investors on Wednesday submitted a revised deal to take the China-based jobs portal private. The consortium has slashed its offer, which now values the company at about $3.86 billion.

JOBS is currently trading at $50.04, up $4.21 or 9.19%, on the Nasdaq.

The consortium, which includes DCP Capital Partners, Ocean Link Partners and 51job's co-founder and CEO Rick Yan, had previously offered to take the company private and pay shareholders of the company $79.05 per share in an all-cash deal, which would have valued it at about $5.7 billion.

However, 51job said on Wednesday it had received a proposal to lower the price to $57.25 per share and reduce the combined ownership of the investors after the completion of the deal.

The new offer still represents a premium of 24.9% to the stock's last close.

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