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Adecco must decide Michael Page bid by 30 Sept

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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Swiss HR giant Adecco has been given until 5pm on 30 September to either announce a firm intention to make an offer for Michael Page or back off.

UK rival Page has already rejected a 400p a share unsolicited preliminary approach from Adecco worth £1.3bn and another plan to pay 400p a share for at least 50.1% of Page, which would retain its stock market listing.

Page’s chief executive Steve Ingham was quoted last week as saying said Adecco might have to pay 600p a share for the business.

Swiss newspaper Finanz asked Ingham if he thought the company could be sold at a starting price of 600p a share, or nearly £2bn, to which he replied “yes”. That’s the same price he put on the company two years ago.

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