* Offer values APM Human at $841 mln

* Shares drop most since Jan 18

* Discount to prior bids seems appropriate - Jefferies

April 8 (Reuters) - APM Human Services' top shareholder, Madison Dearborn Partners, on Monday offered to buy the 71% of the Australian employment services firm it does not own for A$910.4 million ($599 million), an offer the company called 'disappointing'.

APM's shares, which have been on a trading halt since March 27, sank about 31% in resumed trade on Monday after the company also lowered its full-year profit forecast.

U.S. private equity firm Madison Dearborn offered A$1.40 per APM share, less than CVC Asia Pacific's A$2 proposal that APM has rejected and a 14% discount to the stock's last closing price.

APM also said it expects its fiscal 2024 net profit after tax and amortisation of A$95 million to A$105 million, lower than the A$178.2 million it earned last year.

The forecast is "another blow to management credibility," said brokerage firm Jefferies.

"Though management state there are multiple offers on the sidelines, given the volatile outlook a discount to prior bids seems appropriate."

Madison Dearborn's offer values APM at A$1.28 billion, which is about half the company's market value of A$3.3 billion when it went public in November 2021.

APM said it is evaluating the offer.

After it rejected CVC Asia's bid last week, the company said it had received multiple offers, but has not disclosed any other bids beyond the one by Madison Dearborn.

($1 = 1.5200 Australian dollars) (Reporting by Himanshi Akhand and Rishav Chatterjee in Bengaluru; Editing by Kim Coghill and Sherry Jacob-Phillips)