It’s time to quit Japanese staffing giant Recruit, says jgfarb
Thirteen shareholders in Recruit Holdings on Sept. 10 raised 325 billion yen, or about $3 billion, from selling stock in the Japanese human resources giant at about a 3% discount, according to IFR. The shares on offer, including an overallotment option, represented about 7.2% of Recruit’s total shares outstanding.
The company said on Aug. 28, when it disclosed the secondary share sale, that it was implementing an 80 billion yen stock repurchase plan to buy back up to 30 million shares. Recruit said the coordinated offering was designed to reduce the impact on its stock price and to expand its shareholder base globally. Selling shareholders included Toppan Printing, NTT Data and Sumitomo Mitsui Banking Corp.
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