British recruiter SThree confirms takeover bid from Circle8

Sept 9 (Reuters) - British recruiter SThree said on Wednesday it had received an unsolicited preliminary approach from U.S.-based Circle8 Group regarding a possible offer for the company, sending its shares up 15%.

Here are some details:

• The approach from Circle8, a technology and workforce solutions firm, comes as recruiters worldwide contend with a hiring slowdown as economic uncertainty, deepened by geopolitical tensions tied to the Iran war, prompts companies to delay recruitment decisions.

• Shares of London-listed SThree rose to 317 pence on Wednesday, their highest level since December 2024.

• The deal value is undisclosed.

• SThree has a market cap of £336 million.

• Under the U.K. Takeover Code, Circle8 must either announce a firm intention to make an offer or walk away by October 7.

(Reporting by Nithyashree R B in Bengaluru; Editing by Shreya Biswas)