XRef shareholders torpedo Seek’s acquisition bid
Deal News | Feb 03, 2025 | Aim Group
The Australian company Seek's attempt to acquire XRef, a local employment referencing system, has failed due to the lack of shareholder support. Seek had made an offer of AUD45 million, equivalent to approximately $30.3 million USD, but it was insufficient to convince XRef's shareholders to approve the deal. The termination of this acquisition highlights the challenges companies face in the competitive employment solutions sector, where strategic moves such as mergers and acquisitions are critical for growth.
Sectors
- Human Resources & Recruitment
- Mergers & Acquisitions
Geography
- Australia – Both Seek and XRef are headquartered in Australia, and the corporate activities discussed are taking place within this geography.
Industry
- Human Resources & Recruitment – The article discusses Seek's attempted acquisition of XRef, a company providing employment referencing systems. This places the companies within the HR and recruitment industry, as they focus on employment and talent management solutions.
- Mergers & Acquisitions – The article is about a failed acquisition attempt by Seek to acquire XRef, highlighting M&A activities within the corporate finance sector.
Financials
- AUD45 million ($30.3 million USD) – The amount offered by Seek in its bid to acquire XRef.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Seek | Bidding Company | Company | Seek is an Australian company that made an acquisition bid for XRef. |
| XRef | Target Company | Company | XRef is an Australian company that provides an employment referencing system, targeted by Seek for acquisition. |