Randstad, the world’s third-biggest temporary employment agency, made a formal €20.19 a share offer for the world’s number four Vedior on Monday.
News that the two Dutch companies were in talks on a takeover emerged on Friday.
The cash and equities deal values Vedior at €3.5bn. The offer price is a 64% premium on Vedior’s share price at the close of trading on Thursday, before the takeover rumours began to circulate. Vedior’s shares soared 40% on Friday to close at €17.
In its statement, Randstad said it expected €100m savings a year due to cost and tax synergies. The new combine, with annual sales of €17bn, will be the world’s second largest staffing group.
The world’s current number one is Swiss company Adecco.
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