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Manpower completes Comsys exchange offer

April 05, 2010

Manpower Inc. (NYSE: MAN) announced today the completion of its exchange offer for shares of Comsys IT Partners Inc. (NASD: CITP). Manpower said 89% of Comsys' outstanding shares were tendered by the deadline of midnight on April 2.

Comsys shareholders choosing a cash option will receive $9.81 plus 0.135 shares of Manpower for each Comsys share. Comsys shareholders choosing to exchange for Manpower stock will receive 0.304 shares of Manpower for each share of Comsys.

In addition, Manpower said it intends to exercise its option to buy newly issued shares of Comsys for $17.65 per share (the same value as in the exchange offer) so that it owns more than 90% of the outstanding shares of Comsys.

Manpower had announced on Feb. 1 that it planned to buy Comsys, a Houston-based information technology staffing firm, for $17.65 per share in cash and stock for a total enterprise value of $431 million.