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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Randstad NV | EU:RAND | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 46.06 | 45.80 | 46.45 | 0.00 | 01:00:00 |
MediaNews Group Inc. on Friday revealed a large stake in job board operator Monster Worldwide Inc. and urged shareholders to oppose a previously announced takeover.
The move is a hurdle for Randstad Holding NV's deal to buy Monster for $429 million, which was announced this month. Monster shares rose 7.6% to $3.70 in afternoon trading.
MediaNews said it owns 11.6% of Monster and called Randstad's offer of $3.40 a share for Monster the definition of "selling at the bottom." Randstad declined to comment.
In a letter to Monster's board, MediaNews said fellow shareholders should oppose the deal and that Monster should explore an auction, a review of business operations or a restructuring.
MediaNews is a newspaper operator with 240 properties in 12 states. It also operates a regional job board.
Randstad ranks itself as the second-largest human-resources services provider in the world, behind Switzerland's Adecco Group AG. It offers placement and job-search services, including a network of walk-in job placement branches. It has recently used deal making to push into the U.S. In September, it agreed to pay $100 million for U.S. startup RiseSmart, which provides job placement analytics.
Monster, based in Weston, Mass., pushed into the then-nascent business of digital recruiting in 1994, and now offers staffing services in more than 40 countries.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 19, 2016 14:55 ET (18:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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