51job to go private in a buyout deal valued at $5.7 billion

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51job Inc.
JOBS,
+0.30%
announced Monday an agreement in which it the China-based human resources services company will be acquired by Garnet Faith Ltd. in a deal valued at $5.7 billion. Under terms of the deal, 51job shareholders will receive $79.05 in cash for each American depositary share they own. That price is 5.9% above Friday’s closing price of $74.65. 51job’s stock was up fractionally prior to a trading halt for news, with the stock set to resume trading at 8:45 a.m. Eastern. The stock had closed at $61.33 on May 3, then shot up 11.2% on May 4, after the company said it received an updated “going-private” proposal. The stock has gained 6.6% year to date through Friday, while the iShares MSCI China ETF
MCHI,
-0.14%
has slipped 0.8% and the S&P 500
SPX,
-1.31%
has gained 10.9%.

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