- The stock price of 51job, Inc. (NASDAQ: JOBS) increased from $61.33 to $69 pre-market. This is why it happened.
The stock price of 51job, Inc. (NASDAQ: JOBS) – a leading provider of integrated human resource services in China – increased from $61.33 to $69 pre-market. Investors are responding positively to 51job announcing today that its Board of Directors has received an updated preliminary non-binding proposal letter dated May 4, 2021 (the “Proposal Letter”) from DCP Services Limited, Ocean Link Partners Limited, and Rick Yan, the Chief Executive Officer of the company (known as the “Consortium”) with respect to the proposed “going-private” transaction wherein the Consortium proposes to acquire all of the outstanding common shares of the Company for US$79.05 in cash per common share (the proposed transaction).
The Consortium formed in furtherance of the proposed transaction initially set forth in the preliminary non-binding proposal letter submitted by DCP Capital Partners, L.P. to the company on September 17, 2020, and the proposal letter updates the preliminary non-binding proposal letter accordingly.
The Board had previously formed a special committee consisting of two independent directors (Special Committee) to evaluate the proposed transaction or any alternative strategic option that the company may pursue. And the Special Committee will continue to evaluate the proposed transaction in light of the latest development.
The Board and the Special Committee caution the company’s shareholders and others considering trading the company’s securities that the Board has just received the proposal letter and that no decisions have been made with respect to the proposed transaction or any alternative strategic option that the company may pursue. And there can be no assurance that any definitive offer will be made, that any definitive agreement relating to the proposed transaction will be executed, or that this or any other transaction will be approved or consummated. Plus the company does not undertake any obligation to provide any updates with respect to the proposed transaction or any other transaction, except as required under applicable law.
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