51job gains on report of talks with regulatory on data security issues

Nov. 23, 2021 11:27 AM ET51job, Inc. (JOBS)RCRRFBy: Joshua Fineman, SA News Editor3 Comments

business hand pushing acquisition button

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  • 51job Inc. (NASDAQ:JOBS) rose 3% after a report that buyer consortium is talking to regulators on issues concerning data security and privacy.
  • The buyer consortium isn't looking for specific approval for regulators, but is engaging with authorities as the regulator environment has gotten tougher, according to a Dealreporter item earlier. The story also said the deal doesn't need SAMR approval, disputing a report from earlier this month.
  • The main members of the buyer group, 51job CEO Rick Yan, DCP, Ocean Link and Recruit (OTCPK:RCRRF) are still committed to the $79.50/share purchase, though the timeline is unclear, Dealreporter said.
  • The report comes after JOBS plunged almost 20% on Nov. 8 after the Chinese online recruitment firm said the buyer consortium formed to acquire the company has been in talks with regulators on recent regulatory changes that may impact the transaction.
  • In June, 51job agreed to a going-private transaction with Garnet Faith for $79.05/share, implying an equity value of $5.7B.

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