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Jan 12 (Reuters) – A consortium of investors looking to take China-based jobs portal 51job Inc (JOBS.O) private has slashed its offer in a revised deal that values the company at about $3.86 billion.

The consortium, which includes DCP Capital Partners, Ocean Link Partners and 51job’s co-founder and chief Rick Yan, had made an offer in May last year to pay shareholders of the company $79.05 per share in an all-cash deal, which would have valued it at about $5.7 billion. read more

However, 51job said on Wednesday it had received a proposal to lower the price to $57.25 per share and reduce the combined ownership of the investors after the completion of the deal.

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“The Special Committee will evaluate the Proposed Revised Transaction in light of the latest development with the assistance of its financial and legal advisors,” 51job said in a statement.

The new offer still represents a premium of 24.9% to the stock’s last close.

U.S.-listed shares of the company rose 11.3% to $51 premarket, after having lost about 30% of their value in 2021.

Shares had also fallen to a four-year low in November when the company said its buyers had been consulting Chinese regulators on recent changes that may apply to the firm and the proposed transaction.

“The consultation process… is currently ongoing and a clear timeline to its completion cannot be provided at this time.”

Founded in 1998, 51job provides human resources services, including initial recruitment to employee retention and other career-related assistance, in China.

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Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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