By Dhirendra Tripathi
Investing.com – Shares of 51job Inc (NASDAQ:JOBS) rose 4.5% Monday following its decision to accept a $5.7 billion proposal from investors to take it private.
The deal is set to be one of the largest buyouts of a U.S.-listed Chinese company this year, according to data compiled by Bloomberg.
The proposal values each American depositary share of the company at $79.05, 5.9% higher than 51job’s closing level on Friday. The shares are currently trading at $77.60.
The consortium of buyers includes DCP Capital Partners II, Ocean Link Partners and 51job co-founder and Chief Executive Officer Rick Yan.
Recruit Holdings, the company’s largest shareholder, is also participating in the transaction with the consortium.
The investor group has lined up $1.82 billion in committed term loan facilities.
The merger is expected to close during the second half of 2021.