Japan’s Recruit Holdings has recommended a public cash offer of all the issued and outstanding ordinary shares of Dutch recruiter USG People at an offer price of €17.50 (£13.80) per share. 

In a joint statement released today, the companies said the offer price represents a premium of 31% to the closing price of the shares of €13.40 on 21 December 2015 and a premium of 31% to the average closing price of the shares of €13.40 over the three-month period up to and including that date.

USG People’s management board and supervisory board said they fully and unanimously support the offer and unanimously recommend that shareholders accept the offer.

The acceptance period for the offer begins on 1 April 2016 and ends on 30 May 2016, unless extended. Completion of the offer is expected in June 2016.

The acquisition of USG People was first announced in December.