Reportedly, Amsterdam-based human resources and recruitment specialist Randstad Holdings has announced an agreement to acquire job hunting portal Monster Worldwide for $429 million in a cash deal.
Jacques van den Broek, the 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 touches growth strategy and reflects our commitment to bringing labour supply and demand closer together to better connect the right people to the right jobs.”
After the deal is done, Monster will delist itself from the New York Stock Exchange, and operate as a separate entity under Randstad. As per the deal, it will retain the Monster brand and the deal is subject to regulatory approval and other conditions.
Randstad has revealed that it agreed to pay $3.40 a share for Monster, a 23% premium to its closing stock price on Monday. The Dutch company also added that it would finance the deal through existing credit facilities and expects to complete it in the fourth quarter of this year.
Tim Yates, CEO of Monster said, “Together with Randstad, Monster will be better positioned to fulfil 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.”
Founded early in 1994, Monster Worldwide, Inc. emerged as one of the preeminent brands in the online recruitment realm but failed to make a long term, mark like many other such companies. It offers services in 40 countries.
The company was at its zenith with their share value of more than $91 in 2000. But since the, company has been struggling to retain or regain its former glory and has been more or less been in perpetual decline ever since.
Monster India started in 2001, with its headquarters in Hyderabad. The company is present in 11 other cities viz., Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Ahmedabad, Baroda, Chandigarh, and Cochin.
Randstad was founded in 1960 by Frits Goldschmeding. Headquartered in Diemen, the Netherlands, it had approximately 29,750 corporate employees and around 4,473 branches and inhouse locations in 39 countries around the world in 2015. Randstad also generated revenue of $21.2 Billion in 2015.
