Monster Worldwide Recommends Shareholders Accept Randstad Offer.
M2 EQUITYBITES-October 3, 2016-Monster Worldwide Recommends Shareholders Accept Randstad Offer
(C)2016 M2 COMMUNICATIONS http://www.m2.com
3 October 2016 - The board of US-based employment website operator Monster Worldwide, Inc. (NYSE: MWW) is recommending that shareholders tender into Dutch human resources services provider Randstad Holding nv's (AMS: RAND) 3.40 per share cash offer for the company, Monster said.
In August, the companies inked a definitive agreement under which Randstad will acquire Monster. Under the terms of the merger agreement, Randstad will pay USD 3.40 per share in cash, or a total purchase price of approximately USD 429m (enterprise value).
The offer has been extended and is now scheduled to expire on 28 October at 12:00 midnight ET.
Randstad said that, by leveraging Monster's multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry, the company intends to build the world's most comprehensive portfolio of HR services.
Monster will continue operating as a separate and independent entity under the Monster name.
The transaction is expected to be immediately accretive to Randstad earnings per share.
Under the terms of the merger agreement, Randstad has agreed to commence a tender offer, through a wholly-owned subsidiary, to acquire all of the outstanding shares of Monster common stock for USD 3.40 per share in cash.
The boards of directors of both Randstad and Monster have unanimously approved the terms of the merger agreement, and the board of directors of Monster has resolved to recommend that shareholders accept the offer, once it is commenced.
This consideration represents a 22.7% premium to Monster's closing stock price on August 8, 2016, the last trading day prior to the announcement and a 30.1% premium to the 90 day volume weighted average stock price.
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