China-based recruitment marketplace 51Job has received a revised takeover proposal from DCP Services, Ocean Link Partners and 51Job co-founder Rick Yan on Tuesday. The latest bid is valued at $79.05 U.S. cash a share, or $5.3 billion U.S.
The value of the offer remains unchanged from the bid made by a group led by DCP back in September. 51Job had formed a special committee of two independent directors to evaluate the original bid for the company. It is likely the bid stalled or was rejected internally.
However, with poor recent financial results (FY20 revenue was down 7.8%) and the bid now backed by co-founder Yan, the latest proposal is likely much more appealing. 51Job stocks jumped by 10% to $67.76 on the news, trading as high as $70.35 on Tuesday.
Japan-based recruitment giant Recruit Holdings is the company’s largest shareholder, while Yan also owns a sizable minority stake in the company.