CFA Society Singapore
SINGAPORE (Oct 31): Come tomorrow, Monster Worldwide will no longer be listed on the New York Stock Exchange (NYSE).
The owner and operator of global employment website monster.com is expected to cease trading prior to market open on Nov 1 upon becoming a wholly-owned subsidiary of Randstad Holding, the Dutch human resource (HR) consulting firm.
In a Monday statement, Randstad says its North American unit’s wholly-owned subsidiary, Merlin Global Acquisition, has received 51.5% of Monster shares tendered – thus successfully completing its tender offer to acquire the outstanding shares of Monster’s common stock at a price of US$3.40 ($4.73) per share in cash.
Those who did not tender their stocks during the offer period, which expired on Oct 28, will still be given the right to receive the same amount per share in cash.
Upon completion of the merger, Monster will continue operating as a separate entity under the Monster name.
Randstad believes the transaction will “accelerate [its] ability to develop new and innovative capabilities that deliver greater value to job seekers and employers by bringing labour supply and demand closer together”.
Says Jacques van den Broek, CEO of Randstad: "With Monster's easy-to-use digital, social and mobile solutions and Randstad's global network, we now have the ability to create comprehensive and technologically advanced capabilities for human resources services in a global job market defined by rapid technological change."
"Joining Randstad provides Monster with the opportunity to grow as a formidable industry leader, building the most sophisticated global platform of talent data, services and tools for connecting jobs and people," adds Tim Yates, CEO of Monster Worldwide.
"We are excited to begin Monster's next chapter and accelerate our transformation."
Shares of Monster Worldwide closed 1.82% higher at US$3.35 on the NYSE last Friday.