Michael Page International, a recruiting firm headquartered in the United Kingdom, says it is ending takeover discussions with Adecco because “Adecco is materially undervaluing the company and its prospects.” It rejected Adecco’s revised proposal on August 13, noting in a statement that “although further talks have taken place with Adecco and its advisers, Adecco has not increased the level of its offer.”
In response, Adecco released a statement that it “places considerable value on the management and strong culture of Michael Page” and it hopes to “retain the senior management of Michael Page in the event that an offer is completed. Adecco has been unable to engage in satisfactory discussions to gain comfort on this issue.”
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Michael Page currently has 166 offices inÂ 28 countries and 5,000 employees worldwide.