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51job Jumps as Investor Group Proposes Revised Takeover Bid

An investor group has proposed a revised $79.05-a-share bid for China-based staffing company 51job. The shares are trading higher.
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Shares of 51job (JOBS) - Get 51job Inc. Report jumped on Tuesday after the China-based HR staffing company said it had received a revised takeover proposal valued at $79.05 cash a share, or $5.3 billion. 

DCP Services, Ocean Link Partners and 51job Co-Founder Rick Yan are now partnering for the takeover. 

Private-equity firm DCP made the original bid in September at $79.05 a share to take 51job private. 

The offer represents a deal value of about $5.33 billion, media reports say 

At last check 51job shares jumped 10% to $67.76. They've traded on Tuesday up as much as 15% at $70.35. 

51job had formed a special committee of two independent directors to evaluate the original bid for the company, which was made in September

The company was founded in 1998 and provides human resources services in China. It offers recruitment, employee retention and other personnel-related assistance. 

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Japan's Recruit Holdings is the company's largest holder, and Yan owns a significant minority stake in the company, Bloomberg News reported. 

DCP Capital's website shows that the company is led by former executives at the New York PE firm KKR.  (KKR) - Get KKR & Co. Inc. Report 

Ocean Link is a PE firm focused consumer, travel and tech-media-telecom in China, 51job said.

51job was recently cited in a presentation by China's market watchdog over data leaks in online settings. 

Chinese reporters found that job seekers' resumes posted on recruitment websites like 51job could be bought online in batches, representing a data breach for the company. 

As a result, the State Administration for Market Regulation said it planned to "adopt more powerful regulatory measures this year with a series of actions," including clarifying responsibilities and standardizing online deals. 

Three job sites -- 51job, Liepin and Zhilian Zhaopin -- all said that they were working to correct the problem.