"The Asia Recruitment Award is the oscars of the recruitment industry. A display of the best of the best!"
Start your entries preparation early.
Open to both in-house recruitment & talent acquisition teams and recruitment solution providers.
Leading HR provider Randstad Holding has acquired employment portal Monster Worldwide, for a total purchase price of UD$429 million (enterprise value), or at the rate of $3.40 per share in cash. Monster will continue operating as a separate and independent entity under the Monster name.
With this transaction, Randstad intends to build “the world’s most comprehensive portfolio of HR services,” it said in a statement.
Jacques van den Broek, CEO of Randstad, said: “With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad.
“The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labour supply and demand closer together to better connect the right people to the right jobs.”
Both Boards of Directors have unanimously approved the terms of the merger agreement, and the Board of Directors of Monster will recommend that shareholders accept the offer, once it commences. The offer represents a 22.7% premium to Monster’s closing stock price on August 8, 2016, and a 30.1% premium to the 90 day volume weighted average stock price.
Tim Yates, CEO of Monster, commented: “Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders.
“We look forward to working with the Randstad team to ensure a smooth transition.”
Randstad listed the transaction having three strategic and financial benefits:
- Complementary visions for transformation: The transaction is intended to accelerate the companies’ ability to develop new and innovative capabilities for job seekers and employers.
- Comprehensive and technologically advanced capabilities for HR services: Pooling Randstad’s prowess of annually placing more than two million people worldwide through its network of more than 4,500 branches, and Monster’s offering in more than 40 countries, Randstad intends to further expand its services.
- Financially compelling: The transaction is expected to be immediately accretive to Randstad earnings per share.
The transaction does not have a financing condition and is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals. Monster is expected to be delisted from the NYSE and integrated into Randstad thereafter.
Human Resources has reached out to both Randstad and Monster for comment.