(MNG), the biggest stakeholder of Monster Worldwide, Inc. (NYSE:MWW), has recently addressed the company’s Board of Directors in a letter stating that it is against the proposed acquisition of Randstad Holding nv (AMS:RAND) of the company.

Monster Worldwide’s Agreement with Randstad Holding

Earlier this month, Monster Worldwide had entered into an agreement with Randstad Holding under which it will be acquired by the latter for $429 million in enterprise value or $3.40 per share. More specifically, Randstad Holding will acquire the company under a cash tender offer that intends to purchase all common shares of the latter.

Under the terms of the agreement, Monster Worldwide will continue to operate independently, maintaining its name, but as a subsidiary of Randstad Holding. Both of the companies’ respective Board of Directors have agreed to the terms of the deal. Subject to regulatory requirements and other closing conditions, the merger agreement is expected to be completed by the fourth quarter.

The acquisition of Monster Worldwide is part of the Tech and Touch expansion strategy of Randstad Holding. Jacques van den Broek, Randstad Holding CEO, noted that the highly digital offerings of Monster Worldwide will complement the services portfolio of his company.

For Monster Worldwide, Tim Yates, Monster Worldwide CEO, said that the merger deal will enable it to take advantage of more growth opportunities in the industry. Consequently, both companies believe that the agreement will put them in better positions to realize their respective long-term prospects.

For the merger agreement, Evercore Group LLC and Dechert LLP will serve as the exclusive financial advisor and legal counsel of Monster Worldwide, respectively. Meanwhile, Wells Fargo Securities and Jones Day will serve as the exclusive financial advisor and legal counsel of Randstad Holding, respectively.

Q2 Financial Highlights

Monster Worldwide has also recently released its earnings report for the second quarter.

The company had a revenue of $150.90 million for the period. The Careers— North America segment had accounted for $103.70 million of the consolidated revenue while the Careers— International segment had accounted for $47.20 million.

Meanwhile, net loss came in at $124.20 million, which is equivalent to $1.40 per share.