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I had declined an offer last week. After a further thinking, returned them today and said that i will accept the offer.

I have been told that recruitment process is closed down for now, and they are going to publish the job again in two weeks for which i am encouraged to apply again!

I also been informed by one of my friends in the company that they couldn't find any other candidates for the position.

Why company would be thinking to readvertise the position even though I now accept their offer?

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    As a hiring manager if you decline my job offer, it's unfortunate, but it's perfectly professional to do and I'd wish you luck on your job hunt. If you now came back wanting my offer again, it signals to me your other offers didn't pan out or you are impulsive in your decision making. None of which are good signals to me. I would take it as a lesson to think more before accepting or declining an offer and move on. – jcmack Jul 17 '18 at 22:58
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    @jcmack thank you. There had been some substantial changes over the weekend out of my control, which i also explained to them, and i believe they also found it very reasonable. – user90374 Jul 17 '18 at 23:03
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    Sorry to hear that. It could be that particular job requisition was closed and they needed to open up a new one with slightly different description. You now have to formally apply for the new job opening before they could give you an offer perhaps? It's a little weird, but not unheard of. – jcmack Jul 17 '18 at 23:09
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    You could ask the company on the phone what's their reason for having you wait. In the meantime, I would recommend that you continue to interview and looking for another position. – jcmack Jul 17 '18 at 23:19
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    Thinking optimistically, it's possible that one of the relevant managers in the hiring process is going on vacation (it is prime vacay season in the northern hemisphere after all), so they may have shut down the advertisement while they are away, and will re-open it when they return. If they encouraged you to reapply, then reapply. Maybe it will work out in the end, or maybe they'll never follow up. Don't stop job hunting in the meantime, though. – Steve-O Jul 18 '18 at 13:41
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You didn’t accept the offer. You declined the offer. At this point the offer ceased to exist.

When you then tried to change your mind they then have additional useful information which the used to decide not to extend you a second offer. They are now looking for a candidate who will accept an offer with enthusiasm.

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Ben Mz's answer addresses "Why company would be thinking to readvertise the position even though I now accept their offer?". I'll address how you (or someone in a similar position) might have handled it better.

If you just came back with "I've decided to accept after all" (which is what it sounds like you did from the question), then:

  1. It comes across as presumptuous (that you still have a right to accept), and:

  2. It gives the impression you are impulsive in your decision-making (as jcmack notes in a comment).

If there were "some substantial changes over the weekend" then going back to them along the lines of:

I know I rejected your generous offer last week, but XXX happened over the weekend which has changed my situation. Had I known this at the time, I would have accepted your offer – is it too late to accept now?

may have been more successful.

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