SOURCE:
Adecco SA
2008-08-18 00:00:00
ZURICH, SWITZERLAND–(EMWNews – August 18, 2008) –
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
[email protected] ; Tel. +41 (0) 44 878 87 87
Adecco Corporate Investor Relations
[email protected] ; 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is otherwise withdrawn or on which the ‘offer period’ otherwise ends.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.
