51job has agreed to a $4.3 bln buyout, 23% below the original offer. The bidders cite a weak outlook and mainland rule changes for the price cut. That makes the once-hot buyout trend for Chinese firms in New York far less appealing, says JennHughes13
U.S.-listed Chinese employment site 51job said on March 1 that it had agreed to be taken private at $61 per share by a buyout group consisting of its founder, private equity firms DCP Capital Partners and Ocean Link, and Japan’s Recruit Holdings, its largest shareholder.In January the buyers said they wanted to lower the price due to weaker macroeconomic and market conditions as well as wide-ranging changes in Chinese business regulations since it first made its offer.
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