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Japan – Temp Holdings acquires P & P Holdings

01 July 2015

Tempstaff, a subsidiary of Japanese staffing group Temp Holdings (2181: JP), has acquired Japanese temporary recruitment and outsourcing firm P&P Holdings (6068: JP).

The acquisition bid was announced in May 2015, following P&P’s disappointing financial results for the full year ending 31 March 2015.

Tempstaff acquired just under 10.4 million shares, equating to a 95.25% stake in the company. According to the company’s statement, the price per common share was JPY 504 (USD 4.12), which would equate to an acquisition price of approximately JPY 5.2 billion (USD 42.5 million). 

P&P will become a subsidiary of Tempstaff and delist on 29 July 2015.