UPDATE: SThree rejects possible offer from Circle8
SThree PLC - London-based science, technology, engineering and mathematics-focused staffing company - Announces that its board has "unanimously and unequivocally rejected" a takeover proposal from Englewood Cliffs, New Jersey-based staffing sector peer Circle8, which serves the IT, technology, and finance industries. Follows its announcement on Wednesday of "an unsolicited, preliminary and highly conditional approach" regarding a possible all-cash offer from Circle8, after which SThree's stock price rose. Circle8 confirmed its takeover proposal on Friday morning, calling the proposed combination a "compelling strategic opportunity". Neither party has disclosed the offer price.
After "carefully reviewed" the proposal, SThree says the board unanimously concluded that it "significantly undervalues SThree and its future prospects" and is not in shareholders' best interests. "The board remains confident in the long-term growth prospects for the business," SThree adds. It plans to publish a trading update for the third quarter on September 22. Notes that Circle8 must 'put up or shut up' regarding its intention to make or not make a firm offer by 1700 BST on October 7.
Current stock price: 287.50 pence, down 2.4% on Friday afternoon in London
12-month change: up 55%
By Emma Curzon, Alliance News reporter
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