CPL agrees €318m takeover offer from Japan's Outsourcing Inc

Cpl shareholders will be entitled to €11.25 in cash for each ordinary share

The group consists of approximately 200 companies with more than 350 locations outside of Japan, and approximately 80,000 employees. 

Irish recruitment firm CPL Resources has agreed to a takeover offer from Japanese Outsourcing Group worth approximately €317.8m.

Under the terms of the Acquisition, Cpl shareholders will be entitled to receive €11.25 in cash for each Cpl Ordinary Share.

The acquisition represents a premium of approximately 36.4% to Cpl's closing price of €8.25 yesterday.

Commenting on the Acquisition, John Hennessy, Chairman of Cpl said he believes the acquisition represents “an excellent opportunity for both the company and its shareholders.” 

“The offer from Outsourcing acknowledges the quality of Cpl and the strength of its future prospects, both standalone and as part of Outsourcing."

"The terms of the proposed transaction represent an attractive premium in cash and crystallise the substantial long-term value potential of Cpl today."

Anne Heraty, CEO of Cpl, said she is confident that the "strong cultural fit" between CPL and Outsourcing will be "a great home for our people going forward." 

She confirmed the deal is still conditional on approval by CPL shareholders, sanction by the High Court and receipt of required regulatory and other necessary approvals.

Outsourcing is a leading human resources provider headquartered in Japan, listed on the Tokyo Stock Exchange, with a market capitalisation of €1,026.3 million as of November 3. 

The group consists of approximately 200 companies with more than 350 locations outside of Japan, and approximately 80,000 employees. 

Haruhiko Doi, Chairman and CEO of Outsourcing, said: "Outsourcing has been highly impressed with Cpl for its proven track record and leading talent solutions market position in Ireland under the leadership of Anne Heraty.

"We are delighted that the Cpl Board has unanimously agreed to recommend the offer and that a number of Cpl Shareholders have provided irrevocable commitments to vote in favour of the Acquisition."

"We look forward to working closely with Cpl's senior management and employees to bolster Cpl's best in class talent solution services in harmony with our existing expertise in the global staffing industry and our strategic investment capability."

Cpl has a workforce of almost 13,000 across 45 offices worldwide and recorded revenues of €569.3 million in the financial year to June 2020.