Shares in recruitment group CPL Resources soared by 34.5% today after it said it had agreed to a takeover offer from Japan's Outsourcing Group in a deal worth €317.8m.

Under the terms of the deal, CPL shareholders will receive €11.25 in cash per share. 

CPL Chairman John Hennessy said today's deal represents an excellent opportunity for both the company and its shareholders. 

"The offer from Outsourcing acknowledges the quality of CPL and the strength of its future prospects, both standalone and as part of Outsourcing," he said. 

"The terms of the proposed transaction represent an attractive premium in cash and crystallise the substantial long-term value potential of CPL today," the chairman said.

"The CPL Board believes that the offer from Outsourcing, if approved, will begin an exciting new chapter for our stakeholders, particularly our employees and our clients," he added.

The deal is still conditional on approval by CPL shareholders and the required regulatory and other necessary approvals.

Today's deal represents a premium of about 36.4% to CPL's closing price of €8.25 yesterday. 

Anne Heraty, CEO of CPL, said the company continues to embrace a global demand for workforce solutions, adding that she believes the opportunities created by today's deal to be "excellent". 

"I am excited by the potential this combination has to develop and enhance our outstanding proposition and service offering to our clients who are always our focus," Ms Heraty said.

"I am confident that the strong cultural fit we have with Outsourcing will mean that, together, Cpl and Outsourcing will be a great home for our people going forward," she added.

Outsourcing is a human resources provider headquartered in Japan and listed on the Tokyo Stock Exchange.

The group consists of about 200 companies with over 300 locations in Japan and more than 350 locations outside of Japan. It has about 80,000 employees.

Shares in the company closed 34.5% higher in Dublin trade today.