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+41 (44) 878 87 87
No offer for Michael Page at this stage: Adecco remains financially disciplined
Adecco's stated strategy is to expand its professional operations in the US, Europe and Asia as well as looking at specialized general staffing companies. Adecco believes that a combination with Michael Page could have benefited both companies and their respective shareholders and so approached Michael Page in May 2008. Since that time the response from Michael Page and its advisers has indicated that a recommended transaction would not be achievable on terms satisfactory to Adecco.
Adecco is focused on value-based management and considers acquisition targets with financial discipline. Accordingly, Adecco has concluded that it will not be able to agree a combination on terms acceptable to both Adecco and the board of Michael Page at this time.
For the purposes of Rule 2.8 of The City Code on Takeovers and Mergers ("Code"), Adecco reserves the right to make or participate in an offer for Michael Page, or to take any other action which would otherwise be precluded under Rule 2.8 of the Code, within the six months following the date of this announcement:
(i) with the agreement or recommendation of the board of Michael Page; or
(ii) following the announcement of an offer by a third party for Michael Page; or
(iii) following the announcement by Michael Page of a "whitewash" proposal for the purposes of Rule 9 of the Code or of a reverse takeover, as defined in the Code; or
(iv) if there is a material change in circumstances.
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