Oct 20 2009
MPS Group, Inc. (NYSE:MPS), a leading provider of specialty staffing, consulting and business solutions, today announced that it has entered into a definitive agreement to be acquired by Adecco Group (SIX: ADEN-VX) (Euronext: ADE) for $13.80 per common share in a cash transaction valued at approximately $1.3 billion. This represents a premium of 24% over yesterday’s closing stock price and a premium of 27% and 36%, respectively, over the average closing stock price (VWAP) during the last 30 and 90 calendar days. The Board of Directors of MPS Group unanimously approved the transaction.
The transaction is expected to close in the first quarter of 2010 and is subject to MPS Group shareholder approval, antitrust clearance and certain other regulatory approvals and closing conditions. The transaction is not subject to a financing contingency and will be financed with Adecco’s current cash resources as well as existing financing capabilities.
The Adecco Group, based in Zurich, Switzerland, is a Fortune Global 500 Company and the world’s leading provider of human resource solutions with operations in over 60 countries.
Timothy Payne, MPS Group Chief Executive Officer, stated, "We are pleased to be joining forces with Adecco. Not only will this transaction create substantial shareholder value, but the combination of MPS Group and Adecco will also be very positive for our employees, consultants and clients. Together, MPS Group and Adecco will be well positioned to deliver a broad range of high-value professional staffing solutions to our clients. As our organizations grow together, we believe that this combination will also create substantial career opportunities for many of our people.”
"In addition to creating value for our shareholders, we believe this merger will create tremendous opportunity for Jacksonville, which will serve as the base for Adecco’s North America professional staffing operations," added Derek Dewan, MPS Group Chairman. "I am proud that MPS Group has been a leading employer in Jacksonville and an active supporter of the community since 1992; we believe the strength of our employees and Adecco’s outstanding track record will allow us to continue these traditions."
BofA Merrill Lynch is acting as financial advisor and Jones Day is acting as legal counsel to MPS Group.
Third Quarter Earnings Release Date
MPS Group will release financial results for the third quarter and nine months ended September 30, 2009, before the market opens, on Thursday, October 29, 2009.
http://www.mpsgroup.com/