Randstad Agrees To Buy Monster In Merger Worth $429 Million

Staffing provider Randstad Holding NV has agreed to acquire Monster Worldwide Inc. in a deal worth about $429 million, the Dutch company said Tuesday in a statement. Under the agreement, Randstad will pay $3.40 a share in cash for the Weston, Mass.-based online job search and recruitment service. That represents a 22.7% premium on Monster's closing price of $2.77 a share on Monday. The boards of directors of both Randstad and Monster have unanimously approved the terms of the merger agreement. Monster will keep its name and continue to operate as an independent entity under the deal, which is expected to be completed in the fourth quarter. Separately on Tuesday, Monster reported a net loss in the second quarter of $124.2 million, or $1.40 a share, including a pretax goodwill impairment charge. Adjusted net loss was $2.1 million, or $0.02 a share. The U.S. company has cancelled its conference call scheduled for later Tuesday.