Randstad and Vedior in takeover talks (update)

Temp employment agencies Randstad and Vedior are in friendly talks that could lead to a takeover of Vedior, both companies confirmed on Friday.

If the deal goes through, the two Dutch firms would form the second biggest temporary employment group in the world, behind Swiss giant Adecco. Randstad is currently the third biggest temp agency, Vedior is number four.
‘Preliminary discussions are being held in a friendly way leading to a possible combination with Randstad,’ Vedior said in a statement.
Trading in Vedior was suspended in Amsterdam on Friday morning after its share price rose almost 25% on rumours that it may be taken over by Adecco.
Shortly afterwards Vedior issued as statement saying it was in talks with Randstad.
Vedior said that the preliminary offer it has received from Randstad includes a ‘significant’ number of shares.
Based on Thursday’s closing price, Vedior is worth around €2.14bn.
Vedior booked net profit of €186m on turnover of €7.7bn last year. Randstad, which is the Dutch market leader, booked earnings of €360m on sales of €8.2bn.
The takeover would be a very good way for Randstand to spend its surplus cash, Corne van Zeijl, analyst with SNS Asset Management, told the Financieele Dagblad. ‘And as a Dutchman, I am pleased it is a Dutch company.’
Both Vedior and Randstad are listed on the Amsterdam AEX blue chip index.

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