=Monster Worldwide (MWW) to be acquired by Randstad Holding (RANJY) for $3.40 per share

    

Randstad Holding (RANJY) and Monster Worldwide (MWW) announced the signing of a definitive agreement under which Randstad will acquire Monster.

• Randstad will pay $3.40 per share in cash, or a total purchase price of ~$429 million
• The Boards of Directors of both Randstad and Monster have unanimously approved the terms of the merger agreement, and the Board of Directors of Monster has resolved to recommend that shareholders accept the offer, once it is commenced.
• The consideration represents a 22.7% premium to Monster's closing stock price on August 8, 2016, the last trading day prior to today's announcement and a 30.1% premium to the 90 day volume weighted average stock price. The purchase price implies an enterprise value to LTM 6/30/2016 Adjusted EBITA multiple of 8.9x (excluding stock based compensation) and 10.3x (including stock based compensation).
• The transaction does not have a financing condition and is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals.