Will Adecco takeover Michael Page?
19 August 2008
Swiss recruitment firm Adecco has not ruled out a hostile takeover bid for UK recruitment firm, Michael Page.
An Adecco press release states that ‘while (they are) focused on negotiating a recommended offer for Michael Page, Adecco is keeping all its options open at this stage’.
Senior Management of Michael Page last week rejected Adecco’s 400p per share takeover bid (£1.3bn) for being too low. Follow-up talks took place between the two firms to consider Adecco obtaining a controlling stake in Michael Page, but this option was also declined.
A hostile takeover is still a moot point for Adecco, but a course of action will have to be decided sooner, rather than later as Michael Page urges the UK Takeover Panel to issue a deadline to the Swiss recruiter.
Michael Page’s shares have increased to 352.50p since Adecco’s takeover bid. Michael Page has amassed 166 offices in 28 countries since its inception in 1976. Adecco, in comparison, has 7,000 offices in 60 countries and is a result of the 1996 merger of French recruitment firm Ecco and Swiss firm Adia.
Related links
Michael Page
Adecco
BBC News article ‘Staffing Firm seek Bid Deadline’
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