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Japan – Recruit Holdings declares its public offer for USG People unconditional

01 June 2016

Japanese staffing firm Recruit Holdings has declared its recommended public offer for all shares in USG People unconditional.

Recruit and USG People announced that approximately 94.85% of the shares had been tendered to Recruit pursuant to the Offer, an aggregate value of approximately EUR 1.34 million (17.59 per share (cum dividend)). Recruit waives the minimum acceptance level condition, whilst all other conditions to the Offer, as described in the Offer Memorandum, have been satisfied.

Settlement of the offer will take place and payment of the offer price per validly tendered share is expected to take place on 7 June 2016.

Following the settlement date, Recruit will hold 76,937,783 Shares, representing approximately 94.85% of the Shares.

On the settlement date, the articles of association of USG People will be amended to introduce a new board structure with a one-tier board comprising of three executive directors and four non-executive directors.

Recruit Holdings, had first announced its plans to buy USG People in December 2015. 


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