Michael Page rejects proposals from Adecco
Recruitment company Michael Page International rejected an approach worth 1.3 billion pounds from Swiss rival Adecco, saying it materially undervalued the company.
Norwich Union International sales up 60%Michael Page, which said on August 5 it had been approached, said on Friday that on June 11 Adecco, the world's largest staffing company, had proposed offering 400 pence per Michael Page share in cash. The offer was rejected.
Adecco came back on August 12 with a revised proposal looking to buy at least 50.1 percent of Michael Page at a price that would be "consistent" with 400 pence per share.
"The board ... unanimously concluded that this revised proposal also materially undervalued the company and its prospects and that the proposed transaction structure was unattractive for shareholders," Michael Page said.
On Tuesday, Adecco said it wanted a friendly takeover of Michael Page, when the Swiss company posted better-than-expected quarterly net profit and strong margins despite tough economies.
Adecco was not immediately available for comment.
Michael Page shares closed at 335 pence on Thursday. The stock hit a nine-month high at 369.75 pence on August 7.
(Reporting by Dan Lalor; Editing by Paul Bolding)
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