Tokyo-based Outsourcing has offered €11.25 per share in cash, which is a premium of more than 36% to last night’s close.
In a statement, Haruhiko Doi, the chairman and chief executive of Outsourcing, said: “Outsourcing has been highly impressed with Cpl for its proven track record and leading talent solutions market position in Ireland.
John Hennessy, chairman of Cpl said the offer represented an excellent opportunity for both the company and its shareholders.
Anne Heraty, Cpl’s chief executive, added: “Cpl continues to embrace a global demand for workforce solutions and I believe the opportunities created by this transaction with OUTSOURCING to be excellent. The global scale and expertise of OUTSOURCING will support the three pillars of our 2019 strategic plan, being, ‘Future Ready’, ‘Total Solutions’ and ‘Client First’.”
Shareholders speaking for 43% of the outstanding shares in issue have agreed to accept the offer.
Outsourcing is listed on the Tokyo Stock Exchange with a market value of about €1,023bn.