According to the Complaint, on August 9, 2016, Monster and Randstad issued a joint press release announcing
that they had entered into an Agreement and Plan of Merger dated August 8, 2016 (the “Merger Agreement”) to sell Monster to Randstad. Subject to the terms of the Merger Agreement, Merger Sub commenced a tender offer (the “Offer”) to purchase all of the outstanding shares of Monster common stock for $3.40 in cash for each share of Monster they own (the “Offer Price”). Following consummation of the Offer, Merger Sub will merge with and into Monster with the Company surviving as a wholly-owned subsidiary of Parent. The Proposed Transaction is valued at approximately $429 million. The Offer commenced on September 6, 2016 and will expire on October 3, 2016, and thus, time is of the essence.
The Complaint alleges the Proposed Transaction is the result of an unfair process and provides the Company’s stockholders with inadequate consideration.
This case was voluntarily dismissed on November 9, 2016.