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Dallas based Kendall Law Group has announced a "shareholder investigation" into the Board of Directors of MPS Group, Inc. (NYSE:MPS) in connection with the proposed acquisition by staffing services giant Adecco Group.
According the law firms website the investigation concerns "whether the consideration to be paid to shareholders is below the fair or inherent value of the company and whether the directors may have breached their fiduciary duties by not acting in the shareholders' best interests in connection with the sale process".
On 20 October 2009, Adecco announced its plans to purchase MPS Group, a leading provider of professional staffing services, for an enterprise value of EURO 782 million, or USD 13.80 per share, representing a premium of 24% to the closing share price of USD 11.14 on October 19, 2009
The offer is EURO 782million, representing an enterprise value/revenue multiple of 0.5x based on MPS Group's 2008 revenues and an enterprise value/EBITDA multiple of 9.9x based on the average EBITDA over the last five years. The transaction remains subject to the MPS Group shareholder vote and regulatory approvals. It is expected to close in the first quarter of 2010.