Adecco Approaches Michael Page

Adecco, The worlds largest staffing group, has approached professional services recruiter Michael Page about a potential takeover.

However a statement from the Michael Page board made it clear that the company did not welcome the approach.

"The board of Michael Page notes the recent movement in its share price and press speculation and confirms that it has received an unsolicited preliminary approach from Adecco regarding a possible offer for the company. The approach is subject to a number of waivable pre conditions, including due diligence. The board of Michael Page continues to believe that the company has a very strong future as an independent group. 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 the company has excellent prospects."

Adecco responded to the statement confirming its interest in the company.

“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. Further to the announcement made this morning by Michael Page, 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.”

Michael Page’s share price rocketed on the news trading at over 350p – the last time it went over 300p was in May.