Michael Page fends off Adecco's advances
Accountancy recruiter fighting to stave off takeover by employment giant Adecco
Michael Page has knocked back a takeover bid from Adecco, the world’s largest
employment recruiter.
The FTSE 250 company said it had received an unsolicited preliminary approach
from Adecco, but the recruiter is standing its ground.
‘The board of Michael Page continues to believe that the company has a very
strong future as an independent group,’
it
said in a statement to the City. The clear strategy of organically
diversifying the group’s activities by geography and discipline and increasing
its exposure to growth markets, together with the longer-term structural growth
drivers of the specialist recruitment market, mean that the company has
excellent prospects.’
In response, the Switzerland-based company said: ‘Adecco confirms it has made
a preliminary approach and these discussions are at an early stage. Adecco
remains focussed on value-based management and considers acquisition targets
with financial discipline. A further announcement will be made to the market if
and when appropriate.’