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Michael Page ends Adecco talks

August 15 2008

London-based professional staffing firm Michael Page International PLC said today it ended discussions with Adecco SA over its plans to acquire a majority stake in the firm. But Adecco said it's still weighing an offer.

Michael Page said Adecco's latest proposal undervalued the company.

The Adecco proposal valued Michael Page shares at around 400 pence each, according to Michael Page. Under the deal, Michael Page would issue new shares to Adecco to give it at least a 50.1% stake in the firm. Michael Page shareholders would receive around 200 British pence per share in cash in return for their shares being diluted.

Adecco said "there is scope for a combination with Michael Page which is to the benefit of both companies and their respective shareholders." Adecco said it would keep Michael Page senior management in the event of an acquisition.

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