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Following a request by Dutch staffing firm DPA Group (DPA: AMS) in December to convene an extraordinary shareholders meeting, the company’s merger target, ICT Automatisering (ICT: AMS), has voted to acquire rival firm Brandfort.
DPA, which currently owns 20.4% of ICT, had requested the EGM so that the company’s shareholders could vote on the proposed takeover of Brandfort, which DPA felt was not in the best interests of the company. DPA had made it clear in their letter to ICT requesting the EGM, that, should the company vote in favour of the merger with Brandfort, DPA would withdraw its offer. Following improvements in the merger offer, ICT shareholders voted in favour of the merger.
DPA started merger talks with ICT Automatisering in June 2013, while ICT announced its own merger agreement with Brandfort at the end of July. Brandfort is a medium-sized engineering company, which is privately held by Jan Brand, the founder of recruitment firm Brunel International.
DPA Group is a specialist IT, financial, and legal staffing firm. According to research conducted by Staffing Industry Analysts, DPA was among the top 25 staffing firms in the Netherlands in 2012 in terms of revenue.
Following the announcement yesterday, DPA’s share price remained static at €1.56, an increase of +0.3% compared with a year ago. Based on its current share price, the company has a market value of €71 million.