Randstad acquires Monster for $429 million
Clients Randstad Holding nv
Jones Day advised Randstad Holding nv (AMS: RAND), a leading human resources services provider, in the acquisition of Monster Worldwide, Inc. (NYSE: MWW). Under the terms of the merger agreement, Randstad paid $3.40 per share in cash, or a total purchase price of approximately $429 million (enterprise value).
By leveraging Monster's multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry, Randstad 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 consideration represents a 22.7% premium to Monster's closing stock price on August 8, 2016, the last trading day prior to the announcement of the transaction and a 30.1% premium to the 90 day volume weighted average stock price. The acquisition was structured as an all-cash tender offer for all outstanding issued common stock of Monster followed by a merger in which remaining shares of Monster were converted into the same U.S. dollar per share consideration as in the tender offer.
In addition to M&A representation, Jones Day provided employee benefits, intellectual property, real estate, tax, antitrust, labor and employment, privacy, and cybersecurity advice regarding this transaction.