Update regarding Michael Page
18 August 2008 - 7:00AM
Marketwired
Zurich, Switzerland, August 18, 2008: Adecco S.A. ("Adecco"),
the worldwide leader in Human Resource services, notes that a
recent press comment has suggested that Adecco is ruling out an
unrecommended offer for Michael Page International Plc. At the
request of the UK Takeover Panel, Adecco is today clarifying its
position. While it is focused on negotiating a recommended offer
for Michael Page, Adecco is keeping all its options open at this
stage. As Adecco stated in its announcement of 5 August 2008, the
company remains focussed on value-based management and considers
acquisition targets with financial discipline.
A further announcement to the market will be made when
appropriate.
Contacts:
Adecco Corporate Press Office
press.office@adecco.com ; Tel. +41 (0) 44 878 87 87
Adecco Corporate Investor Relations
Investor.relations@adecco.com ; Tel. +41 (0) 44 878 89 25
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Dealing Disclosure Requirements:
Under the provisions of Rule 8.3 of the UK Takeover Code (the
'Code'), if any person is, or becomes, 'interested' (directly or
indirectly) in 1% or more of any class of 'relevant securities' of
Michael Page or Adecco, all 'dealings' in any 'relevant securities'
of that company (including by means of an option in respect of, or
a derivative referenced to, any such 'relevant securities') must be
publicly disclosed by no later than 3.30 pm (London time) on the
London business day following the date of the relevant transaction.
This requirement will continue until the date on which the offer
becomes, or is declared, unconditional as to acceptances, lapses or
is otherwise withdrawn or on which the 'offer period' otherwise
ends. If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire an
'interest' in 'relevant securities' of Michael Page or Adecco, they
will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in
'relevant securities' of Michael Page or Adecco by Michael Page or
Adecco, or by any of their respective 'associates', must be
disclosed by no later than 12.00 noon (London time) on the London
business day following the date of the relevant transaction. A
disclosure table, giving details of the companies in whose
'relevant securities' 'dealings' should be disclosed, and the
number of such securities in issue, can be found on the Takeover
Panel's website at http://www.thetakeoverpanel.org.uk/new/.
'Interests in securities' arise, in summary, when a person has long
economic exposure, whether conditional or absolute, to changes in
the price of securities. In particular, a person will be treated as
having an 'interest' by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities. Terms in quotation marks are defined in
the Code, which can also be found on the Panel's website. If you
are in any doubt as to whether or not you are required to disclose
a 'dealing' under Rule 8, you should consult the Panel.
Forward-looking statements
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future.
These forward-looking statements involve risks and uncertainties.
All forward-looking statements included in this release are based
on information available to Adecco S.A. as of the date of this
release, and we assume no duty to update any such forward-looking
statements. The forward-looking statements in this release are not
guarantees of future performance and actual results could differ
materially from our current expectations. Numerous factors could
cause or contribute to such differences. Factors that could affect
the Company's forward-looking statements include, among other
things: global GDP trends and the demand for temporary work;
changes in regulation of temporary work; intense competition in the
markets in which the Company competes; changes in the Company's
ability to attract and retain qualified temporary personnel; the
resolution of the French anti-trust procedure and any adverse
developments in existing commercial relationships, disputes or
legal and tax proceedings.
About Adecco
Adecco S.A. is a Fortune Global 500 company and the global
leader in HR services. The Adecco Group network connects over
700,000 associates with clients each day through its network of
over 36,500 employees (FTEs) and over 6,700 offices in over 60
countries and territories around the world. Registered in
Switzerland, and managed by a multinational team with expertise in
markets spanning the globe, the Adecco Group delivers an
unparalleled range of flexible staffing and career resources to
clients and associates.
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605)
and listed on the Swiss Stock Exchange with trading on SWX Europe
(SWX: ADEN) and the Euronext Paris (EURONEXT: ADE).
Copyright � Hugin AS 2008. All rights reserved.
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