Dutch staffing company Randstad Holding said Monday it will bid around 3.51 billion euros ($5.17 billion) in cash and shares for peer Vedior, in a management-backed takeover that would create the world's second-largest employment agency.
Randstad's cash-and-share offer was worth 20.19 euros ($29.76) per Vedior share at Friday's closing price, a 64 percent premium over their value as of Thursday. Vedior shares rose more than 30 percent on Friday after news the companies in were talks leaked out.
The Amsterdam, Netherlands-based company would have combined sales of 17.3 billion euros ($25.3 billion) and operating profit of 883 million euros ($1.29 billion), Randstad said in a statement, making it the largest staffing company in Germany, The Netherlands, Belgium, Portugal, Poland, Canada and India.
Adecco of Switzerland would remain larger in the U.S. and overall, despite Vedior's strong position in France, while Milwaukee-based Manpower would slip to third place globally.