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Netherlands-Randstad announces bid for Proffice

30 November 2015

Randstad has announced a public offer for Proffice, the Swedish-based listed staffing and recruiting company. The offer values Proffice at SEK 1.648 billion crowns. A premium of 25.63% to the closing price of SEK 19.90 ($2.29) set on November 27, 2015, the last trading day before the announcement of the offer.

The Board of Directors at Proffice unanimously recommends the shareholders to accept the offer.

A press release from Randstad states that "A merger of Proffice and Randstad Holding's Nordic operations would create the third largest provider of HR services in the Nordic countries and the second largest in Sweden, which is in line with Randstad Holding's strategy to focus on creating leading positions in the markets in which Randstad Holding is active.”

Jacques van den Broek, CEO of Randstad Holding, commented: “We are excited about the opportunity to become a leading player in the Nordic region. Proffice is an outstanding company with experienced and dedicated people, and a good strategic fit for Randstad. Given our ambition in professionals, we highly value Dfind’s proposition in this deal. I’m sure that we will be stronger together and that the combination will provide increased opportunities for our employees to grow and develop. By sharing best practices and leveraging the cross-selling potential, we will be well-positioned to offer our clients a complete portfolio of services.”

Cecilia Daun Wennborg, Chairman of the Board of Directors of Proffice, said: “Randstad Holding is a well-regarded successful international HR services provider. The Board of Directors of Proffice has unanimously decided to recommend the Offer.”

In trading today Randstad Holding (RAND:AEX) traded up 1.5% at €59.57, 8.34 % below its 52-week high of 64.99, set on 6th August, 2015. While Proffice AB (PROE B:STO) were up 25.63% on the day and set a new 52-week high when it reached SEK 25.10 (€2.71).