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Randstad North America Inc., a wholly owned subsidiary of Randstad Holdings NV, announced Monday that it has successfully completed the purchase of Monster Worldwide Inc. for $429 million or $3.40 per share through its wholly owned subsidiary Merlin Global Acquisition Inc., according to a news release.
When the purchase was first announced in August, one stakeholder, MediaNews Group Inc. initially opposed the sale. MediaNews, which said it owns 11.6 percent of Monster, felt the offer was too low.
According to MarketWatch.com, MediaNews sent a letter to Monster's board encouraging fellow shareholders to oppose the sale and saying that Monster should restructure, consider reviewing its business operations or auction the company.
Apparently the shareholders didn't agree with MediaNews.
The merger is expected to occur Nov. 1, 2016.
"Monster, a global leader in connecting jobs and people, will continue operating as a separate and independent entity under the Monster name," the release states.
Randstad is a 56-year-old HR services company based in Diemen, the Netherlands. Each year, it places more than 2 million people in jobs worldwide.
For more than two decades, Monster has helped people find jobs, manage their careers and improve recruitment and talent management for people in more than 40 countries.
"Through this combination we are able to accelerate our digital strategy and our ability to serve our customers and candidates," said 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," said Monster Worldwide CEO Tim Yates.
"We are excited to begin Monster's next chapter and accelerate our transformation."
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