Randstad, the second-largest staffing firm by sales, on Monday announced a management-backed bid for French peer Ausy SA which it said had an enterprise value of 420 million euros ($477 million).

The Dutch firm said it was offering 55 euros per share, a 27 percent premium to Ausy's close at 43.11 on Friday. That values its equity at roughly 280 million euros. Randstad said it is also launching bids for Ausy's outstanding warrants and convertible bonds. Ausy's annual report for 2015 showed it carrying 137 million euros in long-term debt, but did not give a net debt figure.

Click here to read more