British recruiter SThree confirms takeover bid from Circle8 (updated)
UPDATE 1-British recruiter SThree confirms takeover bid from Circle8 Adds shares and details from paragraph 2
Sept 9 (Reuters) - British recruiter SThree STEMS.L said on Wednesday it had received an unsolicited preliminary approach from U.S.-based Circle8 Group CIRC.O regarding a possible offer for the company, sending its shares up 15%.
Here are some details:
The approach from Circle8, a technology and workforce solutions firm, comes as recruiters worldwide contend with a hiring slowdown as economic uncertainty, deepened by geopolitical tensions tied to the Iran war, prompts companies to delay recruitment decisions.
Shares of London-listed SThree rose to 317 pence on Wednesday, their highest level since December 2024.
The deal value is undisclosed.
SThree has a market cap of £336 million.
Under the U.K. Takeover Code, Circle8 must either announce a firm intention to make an offer or walk away by October 7.
(Reporting by Nithyashree R B in Bengaluru; Editing by Shreya Biswas)
((NithyashreeRB@thomsonreuters.com))
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