 Bloomberg -- An investor group backed by Warburg Pincus and General Atlantic agreed to take 58.com Inc. private in a deal valuing Chinas biggest online classifieds firm at about 8.7 billion.The private equity consortium offered to buy out the New York-listed companys independent shareholders for 56 cash per American depositary receipt, 58.com said in a statement Monday, confirming an earlier Bloomberg News report. The bid represents a 20 premium to the last close before an initial buyout approach was announced in April.58.coms ADRs jumped 10 to 55 at 10:06 a.m. Monday in New York.The buyer group, which also includes Ocean Link Partners and 58.com founder Jinbo Yao, slightly increased the offer from its earlier proposal of 55 per ADR. The consortium has received as much as 3.5 billion in loan commitments from Shanghai Pudong Development Bank Co. to help fund the purchase, according to Mondays statement.58.coms board approved the transaction after it was unanimously recommended by a special committee of independent directors, it said in the statement. The deal is expected to close in the second half of the year.The agreement to purchase 58.com, known as Chinas answer to Craigslist, follows more than two months of negotiations after the company said it received a buyout proposal. The potential deal had drawn objections from some minority investors, including Coronation Fund Managers, Aberdeen Standard Investments and Carmignac Gestion, which said the proposed bid significantly undervalues the business.Yao, 58.coms chairman and chief executive officer, and General Atlantic control 44 of the companys voting power and have agreed to approve the transaction, they said in the statement. Chinese tech giant Tencent Holdings Ltd. also owns a stake in the company.Houlihan Lokey Inc. advised 58.coms special board committee on the deal.Updates with details of voting power in penultimate paragraphFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 