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Randstad N.V. — M&A Activity 2008
Mar 28, 2008
3880_iss_2008-03-28_ef175606-6248-4433-9135-06ddb44274b3.pdf
M&A Activity
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This press release may not be published, distributed, diffused or otherwise sent into the United States of America, Japan, Australia or Canada. This press release does not constitute an extension into the United States of America, Japan, Australia or Canada of the intended offer mentioned in this press release. This press release does not constitute or form part of an offer to sell securities or the solicitation of an offer to buy securities.
Amsterdam, March 28, 2008
PRESS RELEASE FOR IMMEDIATE RELEASE
Good progress with the European Commission Launch of offer expected next week
On December 3, 2007, Randstad and Vedior announced the intention of Randstad to make a public offer for all of the share capital of Vedior N.V. in a mixed cash and share exchange offer comprising € 9.50 in cash and 0.32759 share Randstad Holding nv for each share Vedior N.V.
Randstad and Vedior now announce that good progress has been made in the discussions with the European Commission. Following these discussions, Randstad has proposed, as a sole remedy, to divest Randstad's current activities in Portugal. In 2007, Randstad Portugal generated € 47 million in revenue. This proposed commitment will have no significant influence on the financial position nor on the continuing operations of Randstad. The proposed divestment will not lead to changes in the announced total amount of expected synergies, consisting of € 80 million of annual run rate pre-tax cost savings and € 20 million annual tax savings.
As a remedy has been offered to the European Commission, phase 1 of the filing with the European Commission has been automatically extended by 10 days until April 17, 2008. Randstad and Vedior are confident to get clearance in phase 1.
Randstad and Vedior have submitted the Offer Memorandum to the Authority Financial Markets (AFM) in the Netherlands for review and approval. Discussions with the AFM are ongoing, and it is expected that publication of the Offer Memorandum and the launch of the Offer will take place in the first week of April 2008.
Enquiries
Randstad Holding
Bart Gianotten (investor relations) and Machteld Merens (media relations) Phone: +31 (0)20 569 56 23
Vedior
Jelle Miedema (company secretary) Phone: +31 (0)20 573 56 09
Randstad Profile
Randstad is the third largest staffing company in the world by revenue. The company offers a wide range of services that covers almost every aspect of HR services, from staffing, which includes finding temporary personnel (flexworkers and interim professionals) and permanent employees for clients, to the provision of a whole range of specialist services, such as HR consultancy and the management of HR processes. Randstad has close to 17,570 employees and 2,886 branches and inhouse locations in 20 countries around the world, primarily in Europe and North America. Randstad generated € 9.2 billion in revenues and € 554 million in EBITA in 2007. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands.
Vedior Profile
Vedior is the fourth largest recruitment company in the world by revenues. Vedior is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. The company has a global network of offices spanning Europe, North America, Australasia, Asia, Latin America and Africa. Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training. Vedior has a leading market position in the provision of professionals/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. Vedior has a more diverse portfolio of recruitment services than any other recruitment company. Vedior has 15,933 employees and 2,530 branches in 52 countries around the world. In 2007, Vedior generated € 8.4 billion in revenue and € 369 million EBITA (excluding non-recurring items). Vedior is headquartered in Amsterdam, the Netherlands.
This press release may not be published, distributed, diffused or otherwise sent into the United States of America, Japan, Australia or Canada. This press release does not constitute an extension into the United States of America, Japan, Australia or Canada of the intended offer mentioned in this press release. This press release does not constitute or form part of an offer to sell securities or the solicitation of an offer to buy securities.