Michael Page silent on new Adecco advance

Adecco has gone on a charm offensive by promising Michael Page’s senior
management they will be kept on if they pull off a takeover of the UK
accountancy recruiter.

The world’s biggest recruitment company still has Michael Page in its sights
despite the UK company strongly rejecting its advances.

‘Adecco believes that there is scope for a combination with Michael Page
which is to the benefit of both companies and their respective shareholders.
Adecco places considerable value on the management and strong culture of Michael
Page,’ the company said in a statement.

It is therefore important to Adecco that it is able to retain the senior
management of Michael Page in the event that an offer is completed. Adecco has
been unable to engage in satisfactory discussions to gain comfort on this

Adecco was responding to a
Page statement
earlier this morning in which the company issued another
rejection of the takeover bid.

Michael Page said: ‘Although further talks have taken place with Adecco and
its advisers, Adecco has not increased the level of its offer. Accordingly, the
board of Michael Page announces that it is ending discussions with Adecco as
Adecco is materially undervaluing the company and its prospects.

In light of the above, Michael Page will seek to agree with the Takeover
Panel a formal timetable under which Adecco must either announce a firm
intention to make an offer for Michael Page or announce that it does not intend
to make an offer.

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