An investor group led by DCP Capital Partners agreed to take 51job Inc. private in a transaction valuing the Chinese recruitment firm at about $5.7 billion.
The consortium, which also includes buyout firm Ocean Link Partners and 51job co-founder and Chief Executive Officer Rick Yan, reached a deal to buy the New York-listed company for $79.05 cash per American depositary share, according to a statement. The bid is 5.9% more than 51job’s Friday close.
The offer represents a 28.9% premium to the last trading day before the consortium’s updated proposal was announced in May. Japan’s Recruit Holdings Co., the biggest shareholder of 51job, is also participating in the transaction, according to the statement. The investor group has lined up as much as $1.825 billion of committed term loan facilities arranged by China Merchants Bank Co. and Shanghai Pudong Development Bank Co.
Source: Mergers&Acquisitions
By Bloomberg
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.