Rejection is hard to deal with but for some it becomes the impetus to continue a pursuit. Just ask, Switzerland's Adecco SA, the world's largest staffing company, which indicated Monday it could go hostile with its £1.3 billion ($2.4 billion) bid to buy Michael Page International plc after the U.K.'s No.2 recruitment agency rejected its offer last week .
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Michael Page on Friday said it had ended takeover talks with Adecco after rejecting a revised bid worth around 400 pence per share.
Adecco's comment followed a request by Britain's Takeover Panel for clarification of the Swiss company's intentions. Michael Page on Friday said it has asked the watchdog to impose a deadline on Adecco to make a public offer or end its interest. The panel has yet to respond to the request.
Adecco has been stalking its British peer since May when it made an initial approach. That was followed in June by a written proposal, and a revised offer earlier this month. - Paul Whitfield
The Deal.com: Adecco may go hostile on Page (subscription required)
Dealscape: Michael Page shuts the door on Adecco approach
Comments
If you look at directors dealings in Michael Page, you'll see that they last sold shares at 560-580p in early 2007.
From your article above that makes a bid price of 400p, and an offer price for Michael Page of 560p.
Maybe there is an opportunity to meet somewhere in the middle?
see http://followthedirectors.o.uk for more extensive commentary on Michael Page director dealing activity.
Simon Winfield