Adecco to acquire US rival for $1.3bn
October 20th, 2009 - 3:11 pm ICT by IANS ( Leave a comment )Geneva, Oct 20 (DPA) Swiss staffing company Adecco announced Tuesday it plans to buy the rival MPS Group in order to expand its presence in the US, Canada and Britain.
If stockholders agree, the purchase would be for 13.80 dollars per share, a 24 percent premium over MPS’s closing price. The MPS board has unanimously approved the offer, the Florida-based company said in a separate statement.
The total deal would be worth about $1.3 billion.
Adecco, already the largest staffing company in the world, said the acquisition would strengthen its higher margin business.
In 2008, MPS generated revenues of about $2.24 billion.
Meanwhile, Adecco, based in Zurich, said it was issuing 900 million Swiss francs ($890.8 million) of mandatory convertible bonds.
Also, the Swiss company said that “over the course of the third quarter, market conditions improved”. It was set to announce results Nov 5.
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Tags: acquisition, adecco, canada, convertible bonds, dpa, geneva, margin business, mps group, nov 5, presence, staffing company, stockholders, swiss company, swiss francs, zurich
