China-based job board and HR resource services provider 51job Inc. (NSDQ: JOBS), provided an update on its buyout bid from M&A advisory firm DCP Capital Partners.

51job said it received an updated preliminary non-binding proposal letter dated 4 May 2021 from DCP Services Limited, Ocean Link Partners Limited, and Rick Yan, the CEO of the company, with respect to the proposed transaction wherein the Consortium proposes to acquire all of the outstanding common shares of the company for USD 79.05 in cash per common share.

The initial buyout bid announcement was made on 17 September 2020.

“As previously announced, the Board had formed a special committee consisting of two independent directors to evaluate the proposed transaction or any alternative strategic option that the company may pursue. The special committee will continue to evaluate the proposed transaction in light of the latest development,” the letter stated.

“The board and the special committee caution the company’s shareholders and others considering trading the company’s securities that the board has just received the proposal letter and that no decisions have been made with respect to the proposed transaction or any alternative strategic option that the company may pursue,” the letter stated. “There can be no assurance that any definitive offer will be made, that any definitive agreement relating to the proposed transaction will be executed, or that this or any other transaction will be approved or consummated. The company does not undertake any obligation to provide any updates with respect to the proposed transaction or any other transaction, except as required under applicable law.”