Following the press release of August 1, 2011 by which Randstad Holding nv (RAND.AS) announced the launch of Randstad’s recommended tender offer to all SFN Group shareholders (NYSE: SFN), Randstad Holding nv today announces that the US Federal Trade Commission communicated a grant of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), effective on August 10, 2011 with respect to Randstad’s previously announced proposed acquisition of SFN Group. Although the early termination of the HSR waiting period satisfies one of the closing conditions to the tender offer, the tender offer is still subject to other closing conditions including regulatory approval in Canada.
On August 1, 2011, Randstad, through its indirect, wholly owned subsidiaries Randstad North America LP and Cosmo Delaware Acquisition Corp., commenced a tender offer to purchase all outstanding shares of common stock of SFN at a price of $14.00 per share in cash, without interest and less any required withholding taxes. The tender offer will expire at 5:00 pm, US Eastern Time, on August 29, 2011, unless extended in accordance with the terms of the merger agreement and applicable SEC rules and regulations.
The complete terms and conditions of the tender offer are set forth in the Offer to Purchase, copies of which are available by contacting the Information Agent, Georgeson Inc., at (888) 661 5651 or via the SEC’s website at www.sec.gov.