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Adecco SA, the world's largest staffing firm, reported today it's no longer considering an offer for Michael Page International PLC, a London-based professional staffing firm. "Adecco has concluded that it will not be able to agree to a combination on terms acceptable to both Adecco and the board of Michael Page," Adecco reported.
Michael Page said today its board believes its shareholders and employees would be better served by the company remaining independent.
Last month, Michael Page ended talks with Adecco about a possible acquisition, saying a proposal by Adecco undervalued the company. The Adecco proposal valued Michael Page shares at around 400 pence each. However, Adecco said at the time it was still interested in pursuing an offer for the company.