No offer for Michael Page at this stage: Adecco remains financially disciplined
September 16 2008 - 1:14AM
Marketwired
Adecco S.A. ("Adecco"), the worldwide leader in HR services, today
announces that it is no longer considering making an offer for
Michael Page International PLC ("Michael Page") at this stage and
remains financially disciplined.
Adecco's stated strategy is to expand its professional
operations in the US, Europe and Asia as well as looking at
specialized general staffing companies. Adecco believes that a
combination with Michael Page could have benefited both companies
and their respective shareholders and so approached Michael Page in
May 2008. Since that time the response from Michael Page and its
advisers has indicated that a recommended transaction would not be
achievable on terms satisfactory to Adecco.
Adecco is focused on value-based management and considers
acquisition targets with financial discipline. Accordingly, Adecco
has concluded that it will not be able to agree a combination on
terms acceptable to both Adecco and the board of Michael Page at
this time.
For the purposes of Rule 2.8 of The City Code on Takeovers and
Mergers ("Code"), Adecco reserves the right to make or participate
in an offer for Michael Page, or to take any other action which
would otherwise be precluded under Rule 2.8 of the Code, within the
six months following the date of this announcement:
(i) with the agreement or recommendation of the board of Michael
Page; or
(ii) following the announcement of an offer by a third party for
Michael Page; or
(iii) following the announcement by Michael Page of a
"whitewash" proposal for the purposes of Rule 9 of the Code or of a
reverse takeover, as defined in the Code; or
(iv) if there is a material change in circumstances.
Forward-looking statements
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future.
These forward-looking statements involve risks and uncertainties.
All forward-looking statements included in this release are based
on information available to Adecco S.A. as of the date of this
release, and we assume no duty to update any such forward-looking
statements. The forward-looking statements in this release are not
guarantees of future performance and actual results could differ
materially from our current expectations. Numerous factors could
cause or contribute to such differences. Factors that could affect
the Company's forward-looking statements include, among other
things: global GDP trends and the demand for temporary work;
changes in regulation of temporary work; intense competition in the
markets in which the Company competes; changes in the Company's
ability to attract and retain qualified temporary personnel; the
resolution of the French anti-trust procedure and any adverse
developments in existing commercial relationships, disputes or
legal and tax proceedings.
About Adecco
Adecco S.A. is a Fortune Global 500 company and the global
leader in HR services. The Adecco Group network connects over
700,000 associates with clients each day through its network of
over 36,500 employees (FTEs) and over 6,700 offices in over 60
countries and territories around the world. Registered in
Switzerland, and managed by a multinational team with expertise in
markets spanning the globe, the Adecco Group delivers an
unparalleled range of flexible staffing and career resources to
clients and associates.
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605)
and listed on the Swiss Stock Exchange with trading on SWX Europe
(SWISS: ADEN) and the Euronext Paris (EURONEXT: ADE).
Contacts:
Adecco Corporate Press Office
press.office@adecco.com ; Tel. +41 (0) 44 878 87 87
Adecco Corporate Investor Relations
Investor.relations@adecco.com ; Tel. +41 (0) 44 878 89 25
Copyright � Hugin AS 2008. All rights reserved.
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