Japan's Recruit agrees to buy USG People for €1.4bn
Updated : 08:54
Shares in Dutch staffing group USG People rocketed after Japanese employment agency Recruit agreed to buy the company for €1.4bn (£1bn).
The companies said on Tuesday that they have reached a conditional agreement on an all-cash tender offer of €17.50 per USG share.
The offer price represents a 31% premium to the closing price on Monday and to the stock’s three-month volume-weighted average price.
The offer has been unanimously recommended and supported by USG’s executive and supervisory boards.
Founder and chief shareholder Alex Mulder, who has a 19.8% stake in USG, had also agreed to the deal.
USG’s chief executive officer, Rob Zandbergen, said: “A combination with Recruit, a successful global organisation, provides the opportunity to accelerate our growth and innovation development and to strengthen our position in continental Europe considerably, all this being in the interest of our customers and employees.
“Together we have the ability to accelerate the execution of our strategy. Recruit and USG People share common ambitions and similar company cultures and values.”
At 0830 GMT, USG shares were up 27.6% to €17.10.