February 22, 2015 – Chicago-based DHR International, the sixth largest U.S. executive search firm, has increased it's ownership position in rival Top 10 recruiter CTPartners to more than five percent. DHR will shortly file a Schedule 13D with the Securities and Exchange Commission to report its beneficial ownership of 449,501 shares in the company. A DHR insider believes the stake makes it the fourth largest shareholder of CTPartners. DHR submitted a formal written acquisition proposal to CTPartners' board of directors earlier this month to acquire 100 percent of the equity of the beleaguered New York City-based global recruiter. “This is an exciting development for everyone at DHR," said Geoff Hoffmann, CEO of DHR International. “We continue to strongly believe that the combined companies will have tremendous value for the clients and employees of both organizations." HSZ Media estimates the combination would result in a $350 million senior-level staffing behemoth with a network of more than 400 recruiters operating from 75 offices in 24 countries. Though CTPartners has been confronted with widely reported challenges recently, Mr. Hoffmann said "we believe the core of CTPartners remains intact and attractive. We are determined to pursue every means available to complete a business combination." Insiders at CTPartners have said they believe their board will continue to "resist any meaningful talks" to be acquired as the company continues to seek alternative means to fund it's ongoing operations. The takeover bid, set at $7 per share, values CTPartners at $61 million; it was submitted by Mr. Hoffmann after CTPartners' CEO Brian Sullivan rejected a verbal proposal. CTPartners, trading as low as $3 per share earlier in the year, traded at $6.71 per share on Friday. The company is expected to report a 32 percent rise in annual revenues next month.
Share This Article